|MEXICO - ECONOMY|
have generated a renewal of foreign support, stimulating investment in several important sectors.
The Mexican economy achieved the following advances in 2000:
economy grew by 5.8% (The economy is expected to grow by
7% in 2000.)
Despite post devaluation economic hardship, Mexicos economy remains quite diverse and fundamentally sound. Mining manufacturing, petroleum (80 billion barrels in reserves! ), electronics, textiles and tourism are all developed industries.
In fact, Mexico produces more corn than India, more beer than Australia, more steel than Sweden, more glass
than Austria, and more oil than the United Arab Emirates. Paradoxically, Mexico has more millionaires than Germany, yet half its population is supported by traditional low technology industry and agriculture.
By signing the North American Free Trade Agreement (NAFTA), Mexico joined the U.S. and Canada in forming the largest single market in the world : 8 million square miles, 360 million people, and 6.8 trillion in annual economic production.
During NAFTAs first five years intra-regional trade between the U.S., Canada and Mexico grew to nearly $500 billion.