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 Business News | September 2006 
WB: Mexican Economy at a Standstill
 Prensa Latina
Mexico is one of the countries with higher economic inequality comparable to that of Botswana in Africa, revealed an analysis of the Chamber of Deputies based on the most recent report issued by the World Bank (WB).
According to that information, during the six-year administration of Vicente Fox ending on November 30, the oil's high prices, the family remittances and the short US economic recession were wasted.
The text highlights also the disappearance of the internal market as 50 million Mexicans have incomes under a dollar a day, unemployment reached its highest level and current expenses increased.
The nation remains at a standstill, the lack of employment sources continues and the polarization of income and opportunities is greater everyday.
The report issued by the World Bank revealed that the Mexican economy extended its capacity to generate profits. However, it had a setback in wealth distribution and also suffered a fall in the inhabitants´ real purchasing power.
Despite President Fox´s promise of an annual economic increase of seven percent over the last years, the Gross Domestic Product only rose by two percent.
Structural reforms were based on the privatization of natural and energy resources, the taxes on foods and medicines and on continuous affronts to the unions, while profits went to the hands of just a few.
Some experts consider the present Economic balance in Mexico is negative as the third part of public expenses is allocated to support bureaucracy while just a negligible part is addressed to public works. |
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