OECD’s head says changes will bring economic growth
BY LILLIAN REYES
The News
MEXICO CITY – OECD Secretary General José Ángel Gurría Treviño said Monday that structural reforms adopted in Mexico during the past year and a half are expected to bring sustained long-term economic growth.
Speaking at the opening session of the Global Parliamentary Network meeting organized by the OECD (Organization for Economic Cooperation and Development), held in the Chamber of Deputies, Gurría said that approval of the reforms will enable sustained long-term growth for Mexico that will be evident in about two or three years.
“This estimation (of a two or three year waiting period) is not meant to buy time,” he said. “The reality is that no reform can bring immediate results.”
That, he said, is preferable to the brief results from short-term stimulations such as increased public investment or lowered interest rates.
Gurria noted that in 2013, there was a significant decline in growth in Mexico but expressed confidence that there will be a significant recovery in business this year, thanks to the momentum of the constitutional reforms.
“The entire world has taken note of the success of past reforms in the country, and so the level of investor confidence of capital markets across the globe has risen, even though the benefits of the energy reform have not fully taken effect,” he said.
Gurría Treviño made note of political accords such as the Pact for Mexico which led to the constitutional reforms by creating a unified national agenda which targets the most important issues facing the country.
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