THE CENTRAL BANK OF MEXICO’S CHIEF ECONOMIC FORECASTER PREDICTED AT GEORGIA STATE UNIVERSITY APRIL 5 THAT THE COUNTRY WILL EXPERIENCE A GROWTH RATE OF 3% THIS YEAR AND WILL CONTINUE TO RECEIVE FOREIGN INVESTMENT AT A RATE AT LEAST COMPARABLE TO LAST YEAR’S WHICH BROUGHT IN $6 BILLION.
JAVIER SALAS, THE RECENTLY APPOINTED DIRECTOR OF THE BANCO DE MEXICO’S DEPARTMENT OF INTERNATIONAL OPERATIONS, SPOKE IN ATLANTA AT THE INVITATION OF RONALD G. CUMMINGS, A NATURAL RESOURCES AND ENVIRONMENTAL ECONOMIST ON GEORGIA STATE’S FACULTY.
DR. SALAS INDICATED SOME RELIEF TO BE SPEAKING IN AN ACADEMIC COMMUNITY RATHER THAN TO INVESTMENT ANALYSTS AND ANXIOUS INVESTORS WHO WOULD BE MORE LIKELY TO NEEDLE HIM WITH QUESTIONS ABOUT THE COUNTRY’S RECOVERY SINCE IT ABRUPTLY DEVALUED THE PESO IN LATE 1994.
SAYING THAT IN HINDSIGHT THE DEVALUATION SHOULD NOT HAVE BEEN DONE SO SUDDENLY, DR. SALAS POINTED TO A NUMBER OF MEASURES WHICH HIS GOVERNMENT HAS TAKEN THAT WILL STIMULATE THE RECOVERY AND CONFIDENCE OF FOREIGN INVESTORS.
HE SPECIFICALLY POINTED TO THE FLOATING RATE OF THE PESO, WHICH BEFORE THE DEVALUATION HAD BEEN FIXED TO THE DOLLAR, AND TO INCREASED REPORTING REQUIREMENTS OF THE CENTRAL BANK’S INTERNATIONAL RESERVES. HE ALSO MENTIONED NEW DEVELOPMENT POLICIES SUCH AS INCREASED GOVERNMENT EXPENDITURES IN THE CONSTRUCTION SECTOR, AND THE GAINING STRENGTH OF THE COUNTRY’S EXPORTS.
FOR MORE INFORMATION, DR. CUMMINGS MAY BE REACHED AT (404) 651-1888; FAX, (404) 651-2827.