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Business

Mexico's Economic Growth Slowing

While the government has attempted to implement strategic reforms and increase public spending to stimulate the economy, there have been little results

Prices of dollar at banks in Mexico City on June 24, 2016, photo: Diego Simón Sánchez
By The News Whatsapp Twitter Facebook Share
1 year ago

José Luis de la Cruz Gallegos, director of the Institute for Industrial Development and Economic Growth (IDIC), said that the federal government enters its fifth year in which Mexico has failed to attain the expected growth rate. However, given the reforms made in the areas of employment and investment, there were expectations that these efforts would give way to economic growth.

In an interview with Capital Media, De la Cruz Gallegos noted that the economic growth of this semester, around 2.5 percent, follows trends of the last 30 years. The average growth of the last four years was 2 percent. Thus, the effects of the structural reforms put in place were overestimated as there has been little effect on growth.

He said that this has made employment increasingly precarious.

De la Cruz Gallegos mentioned that, alongside these internal challenges, is the financial situation of the United States, which is currently not growing, exemplified by the reduction in exports.

He noted that the national economic situation complicates the possibility of an increase in the national minimum wage. What is more important is to increase the number of jobs in the formal sector. According to De la Cruz Gallego, the National Minimum Wage Commission (Conasami) must adapt to these problems and the economic needs of the country.

ROSALBA AMEZCUA

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