Economy

Despite being deeply affected by the global financial crisis of 2008-09, Mexico’s economy had been recovering since 2010, growing 5.1% and around 4% in 2011 and 2012, respectively. A steady recovery was interrupted in 2013 by growth of just 1.1% as a result of weak exports and a contraction in the construction industry. Overall export growth slowed from 6.1% in 2012 to 2.6% in 2013, shaving about three-quarters of a percentage point from GDP growth. A fall in oil prices dragged down the value of oil, one of Mexico’s most important goods, contributing to a 6.2% decrease in oil exports in 2013. While informality, inadequate government revenues and deficient domestic supply chains continue to plague the economy, the current government’s series of ambitious reforms, specifically for energy, telecoms and education, seem set to improve the economy’s competitiveness. This chapter includes interviews with Ildefonso Guajardo Villarreal, Minister of Economy; Francisco González Díaz, General Manager, ProMéxico; José Ángel Gurría, Secretary-General, Organisation for Economic Cooperation and Development (OECD); and Enrique García Rodríguez, Executive President, CAF development bank of Latin America.