I wanted to share this with you people, it's been translated from spanish.
Mexico's creating strong foundations for high growth IMF.
México crea bases para alto crecimiento: FMI - El Universal - Finanzas
The international monetary fund (IMF) affirmed today that the reform process in Mexico is an step in the right direction on the creation of solid foundations for high growth rates on the long term.
"What we see with the new Mexico's government is that they are systematically developing reforms that are designed to raise Mexico's growth on the middle term" stated the director of the Department for the Occidental hemisphere of the IMF, Annop Singh.
He gave an estimation of the performance that mexican economy could experience in the next 6 or 7 months should be something to be aware of.
In a press conference, Singh repeated that even though the proyection of the IMF for Mexico-s growth stays lower than 3.0 percent thus contradicting the estimations of the Mexican government, the economy indicators on the short term are favorable.
Singh explained that because it is the most integrated country to the United States economy which is facing an slowdown of about 2.0% this year and the next year, "is natural to believe that Mexico will be affected.@
"Mexico's growth is more sensitive to the industrial sector of the United States than to it's construction one, and that is our appreciation, that the industrial sector is suffering less and that helps Mexico" he said.
Meanwhile FMI's proyections point to a growth about 2.9 and 3.0% for the Mexican economy in 2007 and 2008, Mexican government's estimations anticipate that they would be around 3.0 and 3.7%
However, Signh said that the focus should be on middle term growth.
"The real story in Mexico is that them (the government) have made some significant changes around fiscal policies, retirement funds and taxes" he stated.
He remembered the announcement of a government's long term program that shows Per capita income during the next 20 years, he announced that government has pointed the areas that he want to affect with it's structural reforms.
"I strongly believe that Mexico is creating a new foundation for a long term economic growth and that's the real story" repeated the FMI Director.
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Pax eterna my brothers, God bless us all.