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(eca010): Mexico raises economic growth forecasts
Oct 21, 2010, 3:45 GMT
Mexico City - The Mexican economy will grow more than previously anticipated this year, Finance Minister Ernesto Cordero said Wednesday.
The forecast of gross domestic product (GDP) growth was revised upward to 4.8 per cent for 2010 from an earlier estimate of 4.5 per cent.
Cordero said the new figure shows Mexico is recovering as the world economy improves. Mexico had been particularly hard hit by the crisis because it is so reliant on the neighbouring United States for trade.
The improvement is due to rising domestic demand and a stable investment climate, he said.
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