Economy

From being relatively closed and heavily dependent on oil exports to drive growth and accrue foreign currency, Mexico has progressively liberalised and integrated into regional and global value chains. Although economic openness left Mexico more exposed to the global financial crisis than some of its Latin American peers, its economic profile has since allowed it to bounce back as global trade and investment flows recover. Uncertainty is likely to constrain investment in 2017, at least until there is clarity as to the impact of changes in US trade and investment policy. Once the short-term turbulence has been negotiated, a modest acceleration in growth is likely, while continued fiscal and monetary policy vigilance should see debt sustainability assured and inflation pressures contained. This chapter includes interviews with Ildefonso Guajardo Villarreal, Minister of Economy; Paulo Carreño King, Director-General, ProMéxico; and Valentín Díez Morodo, President, Mexican Business Council for Foreign Trade.