Another is that Mexico is mainly a manufacturing exporter, and thus it did not overly benefit from previously booming commodity prices. Third, long-stagnant total factor productivity reveals pervasive inefficiencies in the economy. Furthermore, since the middle of 2012, Mexico was hit by a succession of domestic shocks, including the bankruptcy of major housing developers and a contraction in public investment.
Friends, while uncertainties surround us today, there are many things that are looking up… Business confidence is rising… Private consumption continues to be resilient… Unemployment remains low and is declining… Inflation expectations continue to be firmly anchored, with the forecast close to lower end of target range of 3–5%, so interest rates can be seen to be stable… BoP is seen to post a surplus of $ billion.