Meade: Economy has Shown Some Improvement The News
go to original March 18, 2012

Mexico's Secretary of Treasury and Public Finance José Antonio Meade Kuribreña

MEXICO CITY – Secretary of Treasury and Public Finance José Antonio Meade Kuribreña said that the Mexican economy’s growth might be “a little better” than the predicted 3.5 percent in 2012.

In an interview after the “Mexico and the G20: Rethinking the Global Economic Balance” conference series on Tuesday, he said that though the expected growth of 3.5 percent for 2012 is “reasonable,” in the last six months the domestic and international economies have shown some signs of improvement.

“The environment has moved in a direction (indicating) … that growth will be a little better than we thought, and not in the direction of less growth,” he said in the forum organized by ProMéxico and the Americas Society.

Meade Kuribreña stressed that the risk environment has gotten better. He added that the 4.2 percent growth in industrial production in January, made public on Tuesday, was 2.7 percent above market expectations, indicating that the economy is behaving in a balanced way.

On the possibility of raising growth estimates for 2012, the Secretary of Finance said that, “I still think that the current situation strongly favors the forecast of 3.5 percent.”

In general terms, however, he said that internal and external economic indicators are moving in a direction that could boost growth a little higher than expected.

The federal official went on to add that in August of last year, when Mexico’s 2012 Economic Package was drafted, the international situation was very different; at that point, there was broad consensus that Greece’s debt was unpayable.

Now Greece is undergoing debt restructuring, and Spain and Italy are working toward structural reform, all of which translates into a better environment for Mexico’s market access, he noted.

Meade Kuribreña said that Mexico’s strong market access is shown in the recent issuing of 10 to 20 year bonds in dollars at the lowest rate in the country’s history.Secretary of Treasury and Public Finance José Antonio Meade Kuribreña said that the Mexican economy’s growth might be “a little better” than the predicted 3.5 percent in 2012.

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