Tuesday, October 6, 2009

Facing the Future

Guillermo Ortiz, Mexico's central banker, says that the nation has to look for alternatives to exports as drivers of the economy. Oil exports are going to continue to decline with falling production, even if oil prices spike, and the US economy is unlikely to demand Mexico's exports as insatiably as it did before the crisis. Ortiz said that internal demand needs to pick up the slack. If that is not sufficient, it makes you wonder what's going to drive Mexico's growth in the decade[s] to come.

Odd note on the article linked above: although it includes an interview with Ortiz, it never once mentions him by name, referring to him instead as "Mexico's central banker".

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