Pearse Trust Blog

Vikram Pandit, the chief executive of Citigroup, was recently asked to break down the emerging markets that had contributed to strong financial results for the third-biggest US bank. The first country he pointed to was Mexico.

When the financial crisis of 2008 began Mexico suffered the steepest recession of any country in the Americas, bar some of the smaller Caribbean countries. Its economy shrank by 6.1% in 2009. Between the third quarter of 2008 and the second quarter of 2009, 700,000 jobs were lost.  In the ten years to 2010, income grew by just 0.6% a year, one of the lowest rates in the world.