Hello everyone!<\/p>\n

This is Augusto from TCF Mexico.<\/p>\n

Despite the positive forecasts, the Mexican economy faced a number of challenges in recent years. Growth was under 2% in 2013, and under 3% in 2014<\/strong>. The price of commodities, important for Mexico’s income from exports, has been falling in what has been called “the end of the commodity super cycle”.<\/p>\n

The government of Enrique Peña Nieto, which came to power in December 2012, has been pressing ahead with what has been seen by many as an “ambitious reform agenda<\/strong>.” This includes an overhaul of the taxing system, cuts in government spending, and the liberalisation of certain economic sectors such as energy and telecommunications.<\/p>\n

Mexico is traditionally seen as a commodities and manufacturing giant<\/strong>. It has the largest proven silver reserves in the world, and the tenth largest oil reserves. PEMEX, the state-owned oil company, is one of the largest oil producers in the world, with revenues of about $130 billion<\/strong>.<\/p>\n

Due to rising wages and less favourable trade terms, Mexico recently gained competitiveness as a automobile exporter. Large automotive companies<\/strong> such as Volkswagen, Toyota, Nissan, Ford, General Motors and Fiat Chrysler have increased their production in Mexico recently, or have announced their intentions to do so.<\/p>\n

 <\/p>\n

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