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February 4, 2008

 

Mexico’s Somber Economic Panorama

 

Punto y Aparte Column, El Financiero

 

The trimming of Mexico’s growth forecast for 2008 by the Secretariat of Finance, from 3.7 to 2.8 percent, is the first effect of the economic deceleration in the United States and the presence of external conditions that are unfavorable for Mexico.  This adjustment will have a direct impact on jobs, especially since the Banco de México [central bank] anticipated the creation of jobs in 2008 at 620,000 positions, a decrease of 18 percent compared to the number of jobs created in 2007.  [Another] adjustment in the somber panorama, the central bank has forecast an ascending trajectory in inflation during the first half of 2008, to 4.5 percent.  After weeks of optimism the official revision to the base scenario for the Mexican economy, and above all such a significant cut in growth projections, shows the concern of officials with respect to a possible recession in the United States in a context of exacerbated financial turbulence.

 

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(Edited translation from El Financiero, January 31, 2008, Mexico City)

 

–  MexiData.info translation

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