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English, , 411kb
Greece has initially held up better during the global economic crisis than many other OECD countries. It is unlikely, however, to avoid a recession as confidence, tourism and shipping receipts have all fallen substantially. The financial sector may face pressures from a contracting real estate sector and its exposure to the emerging economies of south-eastern Europe. The authorities have responded with fiscal measures and a plan to
Fiscal policy is highly dependent on volatile oil income. The balanced budget rule can create a bias for spending oil revenues as they are earned, especially as transfers to the stabilization funds are limited by caps at low levels. This can potentially lead to a pro-cyclical bias in fiscal policy. Revenues have also been lower than they could have, if gasoline prices had adjusted with international prices instead of a price smoothing
The 2009 Mexico Survey covers the impact of the economic crisis and policy response; management of oil revenues; improving efficiency of health and education spending; and how to boost longer-term ec
Despite improved fundamentals, Mexico is hit hard by the financial crisis, being exposed to several simultaneous external shocks. A welcome, but weak, stimulus was passed for 2009, and policy will likely need to be supportive also in 2010.
Summary of Economic Surveys: Mexico
Despite progress over the past two decades Mexico’s health and education indicators remain well below the average of the OECD and some of its Latin American emerging market peers.
English, , 344kb
Despite improved fundamentals, Mexico has not escaped the world economic recession. The global manufacturing downturn and the collapse of trade, notably with the United States, have depressed the real sector.Reduced availability of credit has started to bear on activity, although the financial sector has so far weathered the global crisis. Low oil prices are putting pressure on budget revenue, despite a welcome hedging this year. The
While Mexico’s growth performance has gradually improved over the past decades, its convergence toward OECD countries has been slow.
The OECD’s latest economic survey of Mexico, to be published on Thursday 30 July 2009, looks at the challenges posed by the global economic crisis. It also discusses longer-term reform in areas such as health and education.
This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.