Mexico is currently the second largest economy in the Latin America and Caribbean (LAC)
region and the 14th worldwide (World Bank, 2012). Over the last three decades, however, the
economy’s performance has been sluggish, with average annual growth of only 2.2 percent
(1981–2011), 1.4 percent in terms of per capita gross domestic product (GDP), and no net gain
at all in terms of output per worker. After a period of structural adjustment Mexico became an
attractive destination for foreign capital, leading to a massive inflow. Since the 1994 crisis the
country’s macroeconomic management has improved, judged by traditional criteria, as inflation
has been reduced and interest rates brought to record lows, but growth has remained disappointing,
at an average rate of 2.5 percent. The economy has recently rebounded from the brief but
deep impact of the 2008–09 global economic and financial crisis