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World Bank Says Recession Will Hit Mexico
by Mexico Solidarity Network
November 2, 2001
The world economy is close to recession and developing nations will suffer
the most severe impact, according to yearly prognostications published by
the World Bank. The GNP of developing nations will grow by 2.9% this year,
but only 1.1% in 2002, according to the report. If China, with annual
growth approaching 10%, is removed from the mix, the developing world may be
in recession in 2002. The report noted that "what makes this situation
particularly risky is that, for the first time since 1982, the US, Europe
and Japan are registering deceleration at the same time." The World Bank
prescribed the same old medicine - increased "free" trade. The world
economy grew by 4.5% in the 1970s, before free trade policies took hold,
then grew by 3.5% in the 1980s and 2.5% in the 1990s, after the free trade
model was in full bloom.
Meanwhile, the Bank of Mexico predicted that steep declines in the
industrial and service sectors would result in increased unemployment next
year. Bancomer predicted a 3.5% decrease in industrial exports to the US
this year. Manufacturing and services account for 90% of the Gross National
Product of Mexico.
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