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Mexico’s New Finance Minister Inherits Tight Budget Goals

By ANTHONY HARRUP (Wall Street Journal)

 
07 de Septiembre del 2016

Artículo publicado en el Wall Street Journal

Mexico’s New Finance Minister Inherits Tight Budget Goals

José Antonio Meade’s predecessor resigned in wake of visit by Donald Trump

By ANTHONY HARRUP

A global slowdown and a lukewarm U.S. recovery have taken a toll on demand for Mexican manufactured goods that make up nearly 90% of its exports. Pemex's oil production has continued to decline despite years of multibillion-dollar investments and is currently under 2.2 million barrels a day, while construction on public works has recently slumped because of budget cuts. The domestic market has been buoyant, however, with growth in employment and credit, while inflation has been below the central bank's 3% target for the past 16 months, contributing to 3.5% household consumption growth in the first half of this year, including record new-car sales and strong retail.  Critics of the government's handling of its budgets say public sector spending is inefficient and partly responsible for the low growth.  "There's been a tax reform on the collection side, but not on the spending side," said Valeria Moy, head of the think tank Mexico, Como Vamos, which keeps track of Mexico's social and economic indicators. "We dedicate a lot of resources to fight poverty and inequality, and see they don't help one or the other. It's an important example of inefficient spending."

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