Mexico: Slowly, But Surely  

During a visit to Miami last week, Mexican President Felipe Calderon spent considerable time hobnobbing with investors and emphasizing the progress being made in his country despite an unprecedented combination of challenges such as the U.S. economic crisis, the H1N1 swine flu and continued violence tied to drug traffickers.

“Mexico is stronger than ever,” he said after receiving Latin Trade’s Bravo Business Award as Leader of the Year. Calderon has received widespread praise from investors for his management of the various crises.

Despite a dramatic GDP fall this year, government efforts have been able to reduce the impact on poverty and unemployment compared with previous crises, he said.

However, even with Calderon’s best efforts, Mexico’s economy still faces enormous challenges. The country’s GDP will likely fall by 7.3 percent this year compared with 1.3 percent growth last year, according to the International Monetary Fund (IMF). And the business environment and economy won’t likely improve much until the second half or third part of next year, according to leading business executives and experts.

“It will continue to be very difficult due to Mexico’s dependency of the U.S. economy, the division that exists within the government on agreeing on efficient fiscal regulations and increasing unemployment which is impacting consumer confidence,” says Armando Jacomino, president for Latin America for U.S.-based fast food company Burger King.