I found an article on Friday that was talking about how Mexico is currently going through the worst economic crisis they’ve had since 1994. I found it intersting that the unemployment rate is much lower than that of the US, which is currently over 10%. However, there was good news in the article; there will be a recovery (albeit slow) in 2010. An additional benefit to the slowdown in the Mexican economy is that real estate prices are low and now is a good time to buy. Interest rates in Mexico are at the lowest rate ever for 30 year US Dollar loans. Hope you had a great weekend! The translated article is below.
Mortgages In Mexico
The translation is a little rough, but you should be able to get the idea:
The Mexican economy that has suffered the worst recession since 1994, played background in summer, and despite the fact that 8 % you go back in the set of 2009, will retrieve a 2.7 % next year and a 3.9 % by 2011, according to the Organization for economic cooperation and economic development (OECD).
In its six-monthly report of perspective, the OECD remains unchanged the figure had in June on the evolution of the gross domestic product (GDP) of Mexico for this year and minimally fixes (a tenth less) the of the growth by 2010.
Also maintains the explanation that the country has been affected by the collapse of the price of oil, the downturn of exports (particularly) (to us) and the economic effects of influenza A, which led to a annual contraction of the GDP of the 9.7 % in the second quarter of 2009.
Behind this is the collapse of the 9.7 % of domestic demand but envelope However, the collapse of foreign trade, which this year will be the 19.2 % for exports and the 23.1 per cent for imports.
For the immediate future, recovery will come gradually by 2010 of the hand of a revival of exports to the United States and the elevation of a barrel of crude oil, despite which the unemployment rate will grow and spend an average of the 5.7 % this year to a peak of the 6.5 % in the middle of the next year, to be reduced to a 5.9 % by 2011