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Mexico to lose up to 300,000 jobs, minister says

 
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jfurgers



Joined: 18 Sep 2005
Posts: 442
Location: Mexico City

PostPosted: Mon Feb 16, 2009 6:20 pm    Post subject: Mexico to lose up to 300,000 jobs, minister says Reply with quote

http://economictimes.indiatimes.com/News/International_Business/Mexico_to_lose_up_to_300000_jobs_minister_says/articleshow/4137872.cms

This may be a VERY bad year for Mexico. My wifes brother who fixes computers told us the companies have told him that he and others would have to have a 40% reduction in pay.Plus many companies are going to be getting rid of many programs! Start saving your pesos!! Sad
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9401
Location: Mexico City

PostPosted: Mon Feb 16, 2009 6:23 pm    Post subject: Reply with quote

I'd read a few days ago that Mexico had already shed 2 million jobs over the last several months. Job losses coupled with oil prices being lower than the last budget accounted for will bring some difficulties to the country, just like everywhere else.
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jfurgers



Joined: 18 Sep 2005
Posts: 442
Location: Mexico City

PostPosted: Mon Feb 16, 2009 6:27 pm    Post subject: Reply with quote

So true. Things will get bad everywhere. Sad
We may all have to go back to the United States. Oh wait! We'll have to wait for Obama to fix everything. Rolling Eyes
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9401
Location: Mexico City

PostPosted: Mon Feb 16, 2009 6:35 pm    Post subject: Reply with quote

A lot hinges right now on if Obama will sign into law the current economic stimulus package which includes a 'Buy American' clause. Such protectionism may be what drives us further into recession. Mexico has always been fairly protectionist despite NAFTA's opening of markets.

But, if one has paid attention to economic history, this is the kind of thing that happens every ten years or so. Bubbles build and bubbles burst. The recession in 2001/2 happened then we got better. Same for 1991. Same for 1982. Same for the early 70's. Ho hum. Just ride it out.
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thelmadatter



Joined: 31 Mar 2003
Posts: 1209
Location: in el Distrito Federal x fin!

PostPosted: Mon Feb 16, 2009 7:19 pm    Post subject: rideit out Reply with quote

OMG! I agree with Guy! Laughing Laughing Laughing

yes.. these things happen every 10 years or so and a really bad one every 25-40 years.

The US hasnt hit the bad old days of the Carter years (21% inflation, Jimmy telling us to wear dorkey sweaters)..... yet. But dont worry, Im sure the "spendulus" will take care of that.

Ever heard "When the US gets a cold, Mexico gets the flu"? Basically, that is because 80% of Mexico's exports go to the US. Talk about the lack of diversification. One way we English teachers can help is to show our students that the world is more than just Mexico and the US. Diversification cushions against the boom and bust cycle Latin America has always been plagued with. Yes, this recession is global but those economies that are most diversified (and less meddled into by the government e.g. Asia) will come out quicker.

(no bad rap on the US... I love my country... but no country should but a stuck on one teat as Mexico is)
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