10 years after financial crisis, Mexico doing well: finance chief

0

MEXICO CITY, Sept. 14 (Xinhua) — The Mexican economy has shown good performance following the financial crisis of a decade ago that resulted from the collapse of Lehman Brothers, Finance Minister Jose Antonio Gonzalez Anaya said on Friday.

The key for Mexico has been to consolidate its strategy of having healthy public finances and inflation in a trajectory toward the official objective.

“The Mexican economy, following the crisis, has had to deal with headwinds,” Gonzalez Anaya told reporters following a closed door meeting with leaders of the Business Coordinating Council.

“But we were able to navigate it well due to the stability efforts and anchoring public finances and monetary politics, and as a result, Mexico has had good growth,” he added.

He said that in order to maintain a macroeconomic stability it is vital to maintain healthy public finances as well as a debt level that is on a “declining and sustainable trajectory.”

“We have to keep working to maintain this in order to avoid a contagion,” he said referring to recent financial and geopolitical turbulence.

“We would love more growth, but Mexico saw growth between 2014-2018 at a rate of 2.7 percent, which is more than Chile, Argentina, Brazil and even the United States,” he said.

Mexico’s economy, the second largest in Latin America after Brazil, grew 2 percent in 2017.

On Aug. 29, Mexico’s Central Bank (Banxico) downgraded its economic forecast for the year to between 2 and 2.6 percent from its earlier forecast of between 2 and 3 percent.

loading...
Share.

Leave A Reply