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CCE: Economic Reforms Starting to Take Effect

Castañón believes recent measures will help preserve stability
By The News · 22 of February 2016 14:28:15
NTA, 60111093. México, 11 Ene 2015 (Notimex-Nicolás Tavira).- El Secretario de Hacienda y Crédito Público, Luis Videgaray encabezó la presentación del programa “Simplificación fiscal, base de confianza”, en el evento también participaron, el titular de Servicio de Administración Tributaria, Aristóteles Núñez Sánchez; Juan Pablo Castañón, presidente del Consejo Coordinador Empresarial en las oficinas del SAT (En la imagen). NOTIMEX/FOTO/NICOLAS TAVIRA/NTA/FRE/ACE/POL/, No available

Mexico City — The Business Coordination Council (CCE) announced that the fiscal and monetary adjustments taken last week are beginning to have a positive impact, although it is necessary to complement them with investment and job creation policies in order to strengthen the internal market.

CCE President Juan Pablo Castañón said in his weekly message that the changes were a fundamental step towards preserving stability. They will also contribute to alleviating the pressures on the exchange rate, inflation levels and public finances.

“The effects were felt immediately. We have a notable advantage which will attract foreign investors,” he said.

However, Castañón stressed that the new measures must not affect the positive trends that have been seen in consumption and job creation.

“Indeed, in order to continue these trends we must be ready to make further changes as necessary,” he said.

The challenge is to make the internal market more dynamic, maintain the macroeconomic balance and improve social mobility, said Castañón.

Regarding the job market, the CCE president admitted that there are mixed signals. While the rate of unemployment dropped from 4.4 to 4.2 percent in the past year and the working population during that period increased by just over 1.7 million people, this is only slightly above the growth in the economically active population.

This problem is directly related to the insecurity of many of the jobs created in the country, said Castañón.

“The majority of the jobs which are being created are in the informal economy. We must combine the macroeconomic efforts with effective public policies which improve the investment environment and encourage the creation of formal jobs,” he said.