THE NEWS
One of the top names in U.S. business said Tuesday that Mexico can more than double its current projected GDP growth rate and become a global economic power.
“Mexico has the capacity to grow by six or eight percent,” said Steve Forbes, chief executive officer of Forbes, Inc. and editor-in-chief of Forbes magazine.”
Forbes, who vied for the Republican Party presidential nomination in 1996 and 2000, lauded most of the recent constitutional reforms aimed at opening up the economy. “There are going to be a lot of Mexican versions of Steve Jobs,” he said.
Forbes was speaking at the World Business Forum organized by Monterrey Tech (ITESM).
“If they’re followed through, these reforms are going to be very successful,” he said. “Mexico can truly be a world leader in energy.”
For that to happen, however, the age-old monopolies must be broken, according to Forbes, who described them as, “those eternal cartels that prevail in a number of the country’s productive sectors.”
Forbes also said the recovering U.S. economy is and will be a big plus for Mexico.
He conditioned Mexico’s potential growth on low taxes and steady interest rates.
He criticized the new taxes put into place this year as part of the nation’s fiscal reforms, saying they weren’t necessary.
“The government needs to learn that less is more, and that’s how Mexico will became a global economic power,” he said. “The taxes on soft drinks and junk foods negatively affect low-income people the most.”
He also had some criticism for the business startup procedures in Mexico, which he said require six times the red tape as other nations. “The best way to combat the informal economy is to make it easier to open a legal business,” he said.
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