Banxico has revised its growth projection up from between 2.5 to 3.5 percent to 3.2 to 4.2 percent in 2010. That's still not enough to recover from the 7.5 percent decline in 2009, but the trend is positive and every little bit counts.
At the same time, notwithstanding the supposed independence and objectivity of the central bank, one can't help but wonder whether the arrival of to Banxico Agustín Carstens, who was consistently too optimistic in his projections while serving as finance secretary, is part of the reason for the adjustment.
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