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Mexico’s economy: The cartel problem
Keywords:
Tags: Current Focus, Mexico,
The Economist points to Mexico's potential and compares it favorably to Brazil and China. Mexico's people are better educated and have higher standards of living than most developing countries including Brazil. Technical education is one of Mexico's strengths and it has good management talent. It suffered badly in the global financial crisis of 2008 because of the recession in the U.S., but it does not have to lower its sights and live with lower growth as the U.S. economy suffers a slowdown. As Chinese wages have risen, Mexico is looking better as a place to invest. And even as Brazil's credit markets getting overheated, there is much room for credit growth in the Mexican economy. Mexico could achieve a growth rate higher by about 2.5 percentage points according to one estimate, if it attracts more foreign investment and opens up the oil industry to foreign investment, implements reform for labor markets and opens up many sectors to competition. It needs to restricts the monopolies granted to businesses such as Telefonos Mexico run by Carlos Slim, as well as other cartels and monopolies to achieve higher economic efficency.
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The Mexican economy is expected to see a GDP decline of nearly 7% in 2009. With the serious downturn in the auto industry and in other industries, serious problems with monopolistic firms and high prices in the telecom sector, underinvestment in the oil sector, and the impact of the war on drug cartels, one expert says its surprising that Calderon is still fighting all these battles.
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As much as an additional 2.5 percentage points of estimated growth could be generated in the Mexican economy by bringing competitive practices. This includes introducing competition and lowering prices in sectors ranging from telecom, transportation to banking. The most glaring example is the telecom monopoly in Mexico. Mexico's Competition Commission and the OECD study estimates about one third of Mexcan household purchases are made in monopolisic or oligopolistic sectors. Other areas for change to generate this additional growth are the oil sector, electricity, and labor laws. The Pact for Mexico signed by all of the major political parties is designed to make these changes after decades of slow GDP growth.
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Bank of Mexico Surprises With a Cut in Its Interest Rate
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Mexico's setup of the Federal Telecommunications Institute as the new telecom regulator in Mexico
05/27/2010
The FTI replaces the old regulator in an effort to introduce competition in the telecom sector in Mexico. The new anti-monopoly laws were introduced by president Nieto in March 2013. For decades Mexico has suffered from higher telecom rates because of a lack of competition.
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The Pact of Mexico was signed by the three major parties in Mexico after the inauguration of new president Enrique Saenz Pena. The Pact provides a consensus for action on major problems facing Mexico in education, the oil sector and breaking up monopolies with high pricing in the telecom and other sectors.
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Calderon's efforts get stymied in the legislature.
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Wall Street Journal 11/24/2009
Telcel and Mexico's mobile phone market
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Grouped Articles
Monopolies in Mexico: Compete—or else
Economist 05/07/2011
Mexico’s economy: The cartel problem
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Mexico’s economy: Making the desert bloom
Economist 08/27/2011
Mexico’s Richest Man Confronts a New Foe: The State That Helped Make Him Rich
The New York Times 08/09/2016
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