Mexico: country background and recent developments
Adams, Richard H. Jr.
Mexico has the world's 13th largest economy in terms of total GDP. Approaching a population of 100 million, it ranks 11th in the world. In 1982 Mexico led the way into the developing countries' debt crisis and since then has been on the front lines of crisis and economic reform. In the middle of the lost decade for Latin America of the 1980s, there was a growing recognition among Mexican policymakers that structural reforms were required to regain stability and restore growth. In July 1985 Mexico initiated a trade liberalization process designed to promote the growth of exports and induce efficiency in import competing industries. In 1986 Mexico became a member of General Agreement on Tariffs and Trade (GATT). Average tariffs fell from 23.5 percent in June 1985 to 11.0 percent in June 1988. At the same time, a modest program of privatization of public enterprises was started, and rules governing foreign direct investment were relaxed.
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