From Overly Optimistic to Not Optimistic Enough

I mentioned over the course of the crisis how the government's growth projections were consistently more optimistic than the reality, which isn't that much of a shocker. However, it does surprise me to see that with Mexico once again growing, the pattern seems to have reversed, at least to an extent. Days after the Calderón administration projected growth of 4.2 percent, the IMF pegged its 2011 forecast for Mexico at 4.6 percent. I wonder how much of this is related to Carstens being replaced by Cordero.