Pain Of Global Downturn Persists In Mexico

[Baack]

As the U.S. appears to be pulling out of recession, Mexico's economy is shrinking at its fastest pace since the Great Depression. The effects of the downturn are being felt across the nation, in all sectors of society and in most industries.
A visit to a sprawling market in Mexico City that city officials claim is the largest in Latin America illustrates how the economic crisis is affecting vendors and shoppers.
The Central de Abasto is a huge market near the Mexico City airport. It covers more than 750 acres, making it about eight times bigger than the Mall of America outside Minneapolis.

The Mexican minimum wage is 55 pesos, or slightly more than $4 a day.

In a country where nearly half the population already lived below the poverty line, the global economic downturn has slashed all of Mexico's largest sources of revenue. Oil profits are in a free fall. Automotive exports declined 40 percent this year. Swine flu and Mexico's warring drug cartels have battered tourism. And cash sent home from Mexicans working in the United States is dropping at an unprecedented pace.
Alejandro Villagomez is a professor of macroeconomics at the Tecnologico de Monterrey, one of the country's top private universities. He predicts that Mexico's economy will contract 7 to 8 percent in 2009.
Villagomez says Mexico has suffered in this global crisis because of its heavy dependence on exports to the U.S. He says the slowdown has been felt nationwide, and the fallout will be, too.

http://www.npr.org/templates/story/s...ryId=114321374

[Working Class Patriot]

Perhaps they should try Obmanomics...it works here......
Just look at GM....the success story of the century.....


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[Texasgordo]

Originally Posted by Working Class Patriot

Perhaps they should try Obmanomics...it works here......
Just look at GM....the success story of the century.....


/

that's why I voted twice for him......