BID forecasts 3.5% growth in Mexican Economy for 2010, El Semanario

BID forecasts 3.5% growth in Mexican Economy for 2010, El Semanario

MEXICO, March 11, 2010.- For 2010, Mexican economy will only grow between 3% and 3.5% and it will be until 2011 when it takes up again the same production levels in goods and services its had three years ago, said Ellis J. Juan, spokesman of the Inter- American Development Bank (BID) in Mexico.

The public Server announced the 51 edition of their Annual Reunion of BID governors from March 19 to 23 in Cancun presided by Ernesto Cordero, head of the Finance and Public Credit Ministry.

He explained that in Quintana Roo, the 48 governors will discuss a possible increase in the organization�s capital in order to propel Latin American economy, whose GDP has doubled from 2004 (last capital increase) till now.

Regarding the situation Mexico is going through; Ellis J. Juan said that the country suffered its highest fall in Latin America during the economical crisis (6.5%), when the average of the region contracted an average of 2%.

Before this situation he recommended to propel several reforms, among them the labor reform which will allow broadening the tax bases because according to him, Mexico faces trouble I its public finances in the short middle and long term. �

Each country�s recovery will be different, Mexico, depends more in the re activation of Unites Status while countries like brazil and Peru grow in relation to the demand of Basic products in India and China.

For the region in general, BID estimated that it will grow between 3% and 4% on 2010, although they pointed out certain problems characteristic of the region such as poverty, low productivity, and informal economy. (El Semanario Agencia, ESA)