To conclude, let me say a few words about the recent efforts of structural reform in Mexico, as my country’s experience can provide some additional insight on the intricacies of this issue. During the period 1990–2011, Mexico’s economy recorded an average annual rate of growth of around 2.8 percent, too low for the country’s needs.
In the presence of a demographic dividend, the main factors behind this performance were a relatively low investment rate and, particularly, a negative contribution to growth of total factor productivity. As a response to this situation, the Mexican authorities embarked since late 2012 on a farreaching structural reform effort, aimed at increasing the economy’s growth potential.