Mexico Down, but Looking Up

Carin Zissis, Americas Society, 2/10/2009

Like most of the planet, Mexico’s economy took a beating in recent months as a result of global market volatility. Other problems—ranging from a drop in remittances to raging drug war violence—serve as other weights on the country’s economy. The fact that, on January 30, the Mexican peso dropped to its lowest level every against the dollar did little to allay fears and forced the country’s Central Bank to buy $1.1 billion of pesos to boost the currency. The bank also predicted last week that the economy may contract between 0.8 and 1.8 percent in 2009 and could lose as many as 340,000 jobs. The recession in the United States, which buys 80 percent of Mexican goods, hurts as well. But some reports find that, in the midst of global financial turmoil, Mexico shows crucial signs of financial strength.

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