Just as Mexico was recovering from the worst economic contraction in more than a decade, new worries over the country’s future came to the fore. The financial crisis and the economic troubles of the US – Mexico's main trading partner – hit the country in 2009, when it suffered a 6.1% contraction of gross domestic product (GDP), similar to the 6.2% contraction experienced in 1995 during the homegrown Tequila Crisis.
The problems north of its border have forced authorities and international observers to reduce Mexico's economic expectations for this year and next year. While the country's government believes its economy will expand by 4% this year, the International Monetary Fund (IMF) has revised downward its GDP growth forecast to 3.8% for 2011 and 3.6% for 2012. Economic research firm Roubini Global Economics has a more pessimistic view and expects a 3.7% GDP growth for 2011, down from the 4.3% it forecasted in June, and just 3% economic growth in 2012.
