Defend Truth

Mexico’s economy is looking better, but only just

2009 has been brutal for Mexico, which is under attack by the triple-headed beast of recession, a decline in oil prices and demand and the onset of H1N1 that almost decimated the economy in April and May. And now, as the economy finally starts to claw its way back on quarter-to-quarter basis (it grew 2.7%, but is still 6.4% below the third quarter of 2008), the Senate-approved 2010 budget is aiming to plug the revenue hole by effectively raising taxes on higher earners. The budget is also tackling the largely unseen and under-reported cash transactions economy by hiking a tax on bank cash deposits by half, to 3%.

Gallery

Please peer review 3 community comments before your comment can be posted

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

MavericKids vol 3

How can a child learn to read if they don't have a book?

81% of South African children aged 10 can't read for meaning. You can help by pre-ordering a copy of MavericKids.

For every copy sold we will donate a copy to Gift of The Givers for children in need of reading support.