MEXICO CITY – President Enrique Peña Nieto announced a series of actions to accelerate Mexican economic growth, including measures to reduce the impact of restrictions on the use of cash dollars on the U.S.-Mexico border.During a meeting of the Business Coordinating Council, which coordinates the policies and actions of Mexico’s business associations, the president said he instructed Finance Secretary Luis Videgaray “to evaluate and present a package of measures soon to reduce the adverse impact” of these restrictions.
“These measures should mitigate the negative effects that since 2010 have harmed companies that conduct their activities legitimately,” the president said.
The government will continue to strengthen mechanisms that facilitate trade and eliminate export barriers, Peña Nieto said, adding that in the coming weeks a single-window system will begin operating in the health sector to streamline customs clearances.
He added that he has instructed the Finance Secretariat and the Economy Secretariat to work with the private sector to design ways to support small- and medium-sized enterprises.
Those mechanisms will be in addition to the 3.3 billion pesos ($257 million) already assigned to the national credit-guarantee system for that sector.
Peña Nieto announced the new measures a week after the release of first-quarter results showing Mexico grew just 1.8 percent relative to the same period of last year.
Based on that data, released by the National Institute of Statistics and Geography, Mexico’s government lowered its 2014 growth forecast from 3.9 percent to 2.7 percent.
The GDP of Latin America’s second-biggest economy (after Brazil) rose just 1.1 percent in 2013
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