| | |  Business News 
Carstens: Mexico’s Outlook Positive
 The News/Reuters
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October 10, 2010
| | Bank head Agustín Carstens (C) says Mexico is less reliant on US economy (The News) | |
Washington D.C. – Mexico is becoming “somewhat more resilient” to the U.S. economic slowdown as exports to its main trading partner gain market share, Central Bank of Mexico (Banxico) Governor Agustín Carstens said last week.
“Of course a U.S. slowdown would have an impact on Mexico. But it’s interesting to note that our exports (to the United States) have been growing faster than the U.S. economy and U.S. imports from other countries,” Carstens said.
The International Monetary Fund (IMF) recently increased Mexico’s economic growth estimates for 2010 from 4.5 percent to 5 percent while it lowered U.S. estimates.
This forecast is similar to that of Banxico’s, Carstens said. “Our estimate is that Mexico could grow between 4.5 and 5 percent. This figure is plausible, something we can achieve,” he said. “It is true that if 80 percent of our exports go to the United States and it experiences a slowdown, it has an impact on us,” he said.
In its report, the IMF said that Mexico “faces greater risks” to its economic growth and advancement than other major Latin American economies, namely, Brazil, Chile, Colombia and Peru. However, Carstens said it was important to continue focusing on macroeconomics so that economic flow will be more stable.
Banxico has sanctioned companies that have not disclosed information regarding their transactions, he said, adding that Mexico should learn that it is less expensive to have an efficient system of financial information than to not have one. “Now we understand that we have to monitor the activities of the financial sector,” Carstens said.
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