Lack of Confidence

El Universal published a poll last week on Mexicans' expectations for the new year. And they aren't very optimistic: 55 percent say that the economic situation will worsen in 2010, and 52 percent say the same about Mexico's politics. For each question, only 21 percent say it will be better this year. I'm not sure Mexicans should be thrilled about the light recovery, given that in 2011 the economy will still be smaller than in 2008, but this is the picture of a nation more pessimistic than the circumstances warrant. I suppose it's possible to imagine a scenario in which economic performance in 2010 is worse than 2009, but I think a volcano eruption or a catastrophic flood would have to be involved. [Knocking on wood...]