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|The Mexican Economy After the Global Financial Crisis | |
|October 19, 2010 13:15 ||
|The Mexican Economy After the Global Financial Crisis (PDF) | |
|Source: Congressional Research Service (via Secrecy News) ||
|The state of Mexico’s economy is important for U.S. policymakers for many reasons, most significantly because a prosperous and democratic neighboring| |
|country is in the best interest of the United States. The two countries have strong economic, political, and social ties, which have direct policy ||
|implications related to bilateral trade, economic competitiveness, migration, and border security. In May 2010, President Barack Obama hosted Mexican| |
|President Felipe Calderón at a meeting in the White House in which the two leaders discussed key issues affecting the two countries.They agreed to | |
|continue and reinforce cooperation on creating jobs, promoting economic recovery and expansion, and encouraging inclusive prosperity across all | |
|levels of society in both countries. The 111th Congress is likely to maintain an active interest in Mexico on issuesrelated to the North American | |
|Free Trade Agreement (NAFTA) and other trade issues, economic conditions in Mexico, migration, border security issues, and counter-narcotics. | |
|The global financial crisis that began in 2008 and the U.S. economic downturn had strong adverseeffects on the Mexican economy, largely due to its | |
|economic ties and dependence on the U.S. market. Mexico’s gross domestic product (GDP) contracted by 6.6% in 2009, the sharpest decline of any Latin | |
|American economy. Mexico’s reliance on the United States as an export market andthe relative importance of exports to its overall economic | |
|performance make it highly susceptible to fluctuations in the U.S. economy. Most other Latin American countries are not as dependent on the United | |
|States as an export market. Economic reforms over the past 20years and the government’s responses to the effects of the global financial crisis have| |
|helped Mexico weather the economic downturn and improve conditions in 2010. However, sustained economic recovery will likely depend on the U.S. | |
|economic recovery and the ability to sustainthis growth. | |
|In addition to the adverse effects from the global financial crisis and the U.S. economic contraction, Mexico’s economy is experiencing numerous | |
|other challenges. The...