“Mexico is an example of how structural reforms can improve the economy of a nation”, declared the Organization for Economic Cooperation and Development (OECD) Secretary General José Ángel Gurría on Wednesday June 4th.
He said that Mexico is showing that reforms work, as presented in an economic perspective report of the world economic body as part of an opening of the annual conference of OECD ministers.
“Mexico focused on the reforms and is currently at the beginning of seeing the results, even with the slowing global economy and the fall in oil prices,” he said. “The growth is proving that the reforms work.”
Last week, Secretary General José Ángel Gurría was re-elected for his third term.
“We are still in a B-economy, but it is possible that you can move this ranking,” Gurría said.
Nevertheless, the peso continues to depreciate into 2015, while the head of Mexico Central Bank lowered the projected economic growth for the nation in May.
Gurría pointed out how the structural reforms of Spain are also an example of how reforms can improve the economy of a country and help out in a bad crisis.
“If there are reforms, growth occurs,” he said in regard to Spain and Mexico.
The Mexican Secretary of Finance and Public Credit, Luis Videgaray, participated in Paris for the annual panel. He said that currently the Mexican economy is growing above average in OECD, which groups 34 leading global economies.
“OECD forecasted the growth for Mexico this year at 2.9 percent (in gross domestic product), which is at the top of the forecasted range of the secretary,” Videgaray explained. “It certainly confirms that Mexico is one of the top growing economies in OECD.”
He attributed the “growth” to structural reforms and concluded stating: “These reforms are benefitting the pockets of Mexicans. We have a lower inflation rate than the objective rate of Mexico Central Bank.”
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