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UNIVERSIDAD TECNOLÓGICA DE TAMAULIPAS NORTE

INGENIERÍA DE PROCESOS Y OPERACIONES INDUSTRIALES

“ECONOMY OF MEXICO”

STUDENTS:
SERGIO ALEJANDRO GONZÁLEZ SALAZAR
GUILLERMO EDSON URIBE RAMOS

SUBJECT:
ENGLISH II

TEACHER:
PATRICIA HERNÁNDEZ DE LA ROSA

REYNOSA, TAMAULIPAS MARCH 16th 2010
Contents

1.-History
2.-Macroeconomic,financial and welfare indicators
2.1.-Main indicators
2.2.-Poverty
2.3.-Remittances
2.4.-Regional economies
3.-Components of the economy
3.1.-Agriculture and food production
3.1.1.-History
3.1.2.-Importance of agriculture to Mexico's economy
3.1.3.-Crops
3.1.3.1.-Potatoes
3.1.3.2.-Sugar cane
3.2.-Industry
3.3.-Energy and mineral resources
3.4.-Services
3.4.1.-History3.4.2.-Overview
3.4.3.-Tourism
3.4.4.-Financial sector
3.4.4.1.-Banking system
3.4.4.2.-Securities market
4.-Government policies and the Central Bank
4.1.-Currency policy
4.2.-Monetary system
5.-Trade
5.1.-Free trade agreements
5.1.1.-NAFTA
5.2.-Mexican trade facilitation and competitiveness

Economy of Mexico
The economy of Mexico is 11th to 13th largest in the world. Sincethe 1994 crisis, administrations have improved the country's macroeconomic fundamentals. Mexico was not significantly influenced by the recent 2002 South American crisis, and has maintained positive, although low, rates of growth after a brief period of stagnation in 2001. Moody's (in March 2000) and Fitch IBCA (in January 2002) issued investment-grade ratings for Mexico's sovereign debt. In spiteof its unprecedented macroeconomic stability, which has reduced inflation and interest rates to record lows and has increased per capita income, enormous gaps remain between the urban and the rural population, the northern and southern states, and the rich and the poor. Some of the government's challenges include the upgrade of infrastructure, the modernization of the tax system and labor laws,and the reduction of income inequality.
The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. Recent administrations have expanded competition in ports, railroads, telecommunications, electricity generation, natural gas distribution and airports, with the aim of upgrading infrastructure. As an export-oriented economy, more than 90% ofMexican trade is under free trade agreements (FTAs) with more than 40 countries, including the European Union, Japan, Israel, and much of Central and South America. The most influential FTA is the North American Free Trade Agreement (NAFTA), which came into effect in 1994, and was signed in 1992 by the governments of the United States, Canada and Mexico. In 2006, trade with Mexico's two northernpartners accounted for almost 90% of its exports and 55% of its imports. Recently, the Congress of the Union approved important tax, pension and judicial reforms, and reform to the oil industry is currently being debated. According to the Forbes Global 2000 list of the world's largest companies in 2008, Mexico had 16 companies in the list. |
1.-History
Following five decades of political turbulencefollowing the independence of Mexico, the four consecutive administrations of president Porfirio Díaz (during the last quarter of the nineteenth century) brought unprecedented economic growth. This growth was accompanied by foreign investment and European immigration, the development of an efficient railroad network and the exploitation of the country's natural resources. GDP per capita levelscirca 1900 were on par with Argentina and Uruguay, almost three times that of Brazil and Venezuela. Annual economic growth between 1876 and 1910 averaged 3.3%. Political repression and fraud, as well as huge income inequalities exacerbated by the land distribution system based on latifundios, in which large haciendas were owned by a few but worked by millions of underpaid peasants living in...
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