2009 OECD Economic Surveys: Mexico 2009

image of OECD Economic Surveys: Mexico 2009

Despite improved macroeconomic fundamentals, this 2009 edition of OECD's periodic survey of the Mexican economy finds that Mexico is being hard hit by the financial crisis and world economic downturn.  In addition to a chapter examining how to overcome the crisis, this edition also includes chapters on managing the oil economy, achieving higher performance in health and education, and structural reforms to boost long term growth.

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Executive summary

Despite improved fundamentals, Mexico has not escaped the world economic recession. The global manufacturing downturn and the collapse of trade, notably with the United States, have depressed the real sector. Reduced availability of credit has started to bear on activity, although the financial sector has so far weathered the global crisis. Low oil prices are putting pressure on budget revenue, despite a welcome hedging this year. The change of sentiment of international investors towards emerging-market borrowers has led to reduced net capital inflows and a large depreciation of the currency. The outbreak of influenza is likely to also contribute to the downturn. Thus, growth is set to be negative this year and recover only gradually in 2010. The authorities have responded with liquidity measures, lower interest rates, foreign currency interventions and a fiscal stimulus. But there might be room for more policy action.

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