Macroeconomic stability, structural reforms, and sluggish growth: The Mexican economy since 2008-2009 and the lessons of 2015

摘要

This paper examines the evolution of the Mexican economy since the crisis of 2008-2009. It focuses on the main economic indicators of the period and then turns to the changes in economic policy adopted by Pena Nieto's government since late 2012 and the scope and shortcomings so far of these reforms. It then looks in detail at what happened in 2015, a year characterized by a deterioration of the external environment and by a number of puzzles. Finally, it addresses the short and medium term prospects of the economy under the present set of economic policies and the changes required to put the economy on a higher growth path.