As per latest Mexico economic review national economy has depreciated at a rate of 2.41 percent in December 2008 compared to December 2007. Much of this has been owing to ongoing financial crisis all over world as well as disturbances in service sector of Mexican economy.
According to Mexico economic reviews by national statistics agencies volume of economic production in December 2008 has been 3.42 percent lesser compared to November that year. This data has been calculated on a basis of seasonal adjustments.
Recent economic review of Mexico has revealed that experts of Mexican goods and services to United States of America have gone down to a significant extent. Consumers in USA have stopped buying goods from Mexico such as cars and televisions.
It has also been confirmed by fresh economic review in Mexico that in December 2008 amount of industrial production has gone down at a rate of 5.9 percent when compared to December 2007. This statistic takes into account production in oil and gas industry and manufacturing sector of Mexican economy.
Latest economic review at Mexico reveals that various manufacturing industries in Mexico have been feeling aftereffects of global financial downturn to maximum extent. This sector has had to do away with jobs of a number of workers and outlook of consumers towards this industry has been really negative of late. In December 2008 service sector of Mexican economy depreciated at a rate of 1.8 percent.
Agricultural sector is a comparatively smaller sector of Mexican economy. New Mexico economic review has revealed that it has appreciated at a rate of 15.8 percent. As per latest Mexico economic review on February 25th 2009 peso has depreciated to a significant degree. This is an ominous sign for Mexican economy.
Noted economists and financial analysts, after their Mexico economic review, have said that Mexico’s economy is suffering grievously as a result of economic turbulences in USA. Its stock markets are being affected as well. This is because USA purchases 80 percent of all goods and services exported by Mexico. This global financial catastrophe kicked off in August 2008 and since then peso has lost 33.3 percent of its worth with respect to United States dollars.
The US has a quarter of the world’s prisoners, but only 5% of the world’s population, so the “tough on crime” approach of the past 40 years has not worked. It has left a trail of social and economic destruction, creating broken families, alienating working-class black communities and producing high levels of recidivism. The time for reform is now.
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.
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