Mexico prospers despite U.S. slowdown
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The Mexican economy showed good growth for the first three months of this year, despite the fact that the United States is flirting with recession. Marla Dickerson writes in the L.A. Times:
‘The fortunes of Mexico have long been linked to those of its northern neighbor, bound as the two countries are by geography, immigration, trade and investment. The U.S. housing industry, for example, which employs 1 in 5 Latino immigrants, is in a slump, resulting in a marked slowdown of remittances sent to Mexico. A prolonged downturn would undoubtedly hit Mexico hard.’ Still, the nation’s economy is holding up well. One factor is that much of the world economy is growing despite the U.S. slowdown. Although Mexico still ships about 80% of its exports to the U.S., its farmers and manufacturers are looking for new customers in Asia, Europe and the rest of Latin America.
-- Deborah Bonello in Mexico City
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