Mexico's Terrible Year

November 2, 2009 8:51 AM

Mexico’s Año Horrible: Global Crisis Stings Economy. "Until last September, the global economic slump was expected to take a fairly limited toll on the Mexican economy."

"There was even talk of decoupling—that, for once, a U.S. recession would leave Mexico relatively unscathed. Over the past few months, however, this optimism has been replaced by increasingly dire predictions for the country’s near-term economic outlook ... But even this darkest of clouds has a silver lining. Twenty years ago, circumstances such as these almost surely would have caused a financial collapse in Mexico."

posted by elmono (4 comments total)

...all that and no mention that their biggest oil field (Cantarell) looks well past its production peak. Grim stats on Cantarell
posted by H. Roark at 9:52 AM on November 2

And without the exports of energy to other nation-states - what is Mexico going to do for its cash?

(did you know that Cantarell consumes at last 40% of the Nitrogen Gas produced in North America?)
posted by rough ashlar at 10:30 AM on November 2

Interesting the article doesn't mention it, but the first three comments were all related to oil revenues (including this one).
posted by bystander at 12:12 PM on November 2

And now a 4th comment pointing out oil. Or Natural Gas - as it is a 'stranded' resource and is a large part of how the more North part of North America stays warm in the winter.
posted by rough ashlar at 12:33 PM on November 2