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Mexico starts to show signs of economic rebound: Calderon
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10:11, August 20, 2009

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Mexico has started to show some "preliminary but encouraging" signs of recovering from the global financial crisis, President Felipe Calderon said on Wednesday.

At the opening ceremony of Invest Mexico forum in Mexico City, Calderon said electricity consumption last month had reached the same level as in last July when the crisis that has crushed the majority of the world's economies had not begun.

Mexico's gross domestic product (GDP) shrank 8 percent in the first quarter. Economists are forecasting a fall of close to 11 percent in the second quarter, figure that could be the worst for several decades.

However, Calderon said government measures had helped to mitigate the effects the crisis had brought about.

"We have made great changes in the amount of public resources,"Calderon said. "We also have promoted private investment in the nation's infrastructure that has pushed investment to rise, even during a crisis period."

Calderon said that infrastructure investment averaged 3 percentof GDP from 1996 to 2006. Since he took office in December 2006, the figure has risen to 5 percent.

The president also said the government owned 73 billion U.S. dollars of foreign exchange reserves and 70 billion in credit lines from international bodies, buttressing the stability of its currency.

The World Economic Forum ranked Mexico as number 48 among the 134 nations rated in terms of economic stability.

"There is much to improve but we are above competitors such as India or Brazil (ranked 109 and 122 respectively)," Calderon said."That is a guarantee that Mexico can build a prosperous future."

Source:Xinhua



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