Mexico Watch

1. A Global Crisis that is Stabilizing 2. Mexico: Recession and Recovery Hand in Hand with External Factors The collapse in demand from the U.S. Labor market adjustment in perspective Mexico will recover its growth in line with that of the U.S. The exchange rate in terms of global financial factors and domestic events Inflation: a history of continued pressure since 2006 Consolidation of the cycle of monetary easing Interest rate structure: the high slope is here to stay Balance of payments,