| | |  News Around the Republic of Mexico | September 2008 
Crime Wave Hitting Mexico Economy, Government Says
 Jason Lange - Reuters
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| | Mexico Finance Minister Agustin Carstens | | |
Mexico City – Rampant kidnapping, drug murders and robberies are slowing Mexico's economy as companies avoid investing in the country, Finance Minister Agustin Carstens said.
"We estimate that this feeling of insecurity in the country takes away approximately one percentage point of growth," the Reforma newspaper Wednesday quoted Carstens as saying.
Kidnappings in Mexico jumped almost 40 percent between 2004 and 2007, official statistics show. Mexico is one of the worst countries in the world for abductions, along with conflict zones like Iraq and Colombia.
Around 2,700 people have also been killed in drug trafficking violence so far this year.
"There are investors who would be willing to put their money to work in our country if the rule of law were more solid," Carstens said.
Mexico's economy expanded 3.2 percent in 2007 but growth is expected to slow to about 2.4 percent this year, mostly due to the U.S. economic downturn.
Carstens said job creation and companies' investments were suffering due to crime but did not give further details.
President Felipe Calderón is coming under increasing pressure to put an end to the crime wave and has sent thousands of troops and federal police to fight drug cartels since he took office in late 2006.
More than 150,000 Mexicans across the country marched on Saturday to protest rising crime rates.
(Editing by Kieran Murray |
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