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Thoughts on the current debt situation Victor F Mercado The purpose of this analysis is to present how economic trends affect internal politics in Mexico The choice of studying the internal political economic workings of our neighbors to the south is based partly on its interdependence with the United States but also because Mexico is an excellent case study to observe the neoliberal experiment in practice Thus this essay is inspired from the arguments proposed by Thomas Friedman and William Greider with regards to neoliberal economics I guess you could say that this analysis is set up to prove or reject some a priori suggestions about current global economics Act I Economic Indicators Very recently February 23 2000 the Secretara de Hacienda y Crdito Pblico SHCP-Mexicos Finance Secretariat released its latest numbers with regards to Gross Domestic Product GDP growth in 1999 The findings conclude that this previous year 1999 Mexicos GDP was reported at 37 no surprise in part to a 52 high during fourth quarter earnings For comparative purposes Mexico expected an average growth of 30 for 1999-It closed the year 07 above expected According to Javier Murcio an economist for Credit Suisse First Boston in Latin America most of the growth in the year had been in industrial production geared towards exports Deputy finance secretary Carlos Noriega Curtis boasts that the creation of 700000 jobs in the formal economy was an important effect of this years strong economic growth However Noriega cautioned that this does not mean that our problem is solvedIt only means that a dynamic economy revented our unemployment situation fr om worsening Although the Zedillo administration estimated a 125 fiscal deficit compared to GDP the SHCPs numbers were 10 lower reflecting 5251 Billion pesos-equivalent to 115 of Mexicos GDP Annual inflation held at 123 for 1999-which was lower than expected-however the University of New Mexicos Latin
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