Mexico’s Growth Problem
When Mexico signed the North American Free Trade Agreement more than 20 years ago, the hope was that the economy would be swept forward by a rising wave of globalization. By many measures, that hope has been amply fulfilled, except where it counts most over the long term: overall productivity and economic growth.
PRINCETON – When Mexico’s then-President Carlos Salinas de Gortari and his American counterpart, Bill Clinton, signed the North American Free Trade Agreement (NAFTA) more than 20 years ago, the hope was that the Mexican economy would be swept forward by a rising wave of globalization. By many measures, that hope has been amply fulfilled.