Mexico’s Congress authorized the widest budget gap in four years as President Enrique Pena Nieto seeks to boost growth in Latin America’s second-biggest economy from the slowest pace since the 2009 recession.
Mexico’s government will propose taxing private oil companies that partner with state-owned Petroleos Mexicanos at a similar rate as in Brazil and Colombia, Mexico’s deputy finance minister for revenue said.
Mexican President Enrique Pena Nieto proposed taxes on capital gains, sugary drinks and the nation’s highest earners in a bid to wean the government of Latin America’s second-largest economy off its dependence on oil revenue.
China’s decision to ease the yuan’s peg against the dollar may bolster the global economic recovery and help Mexico’s export-driven manufacturing industry, said Miguel Messmacher , chief economist at Mexico’s Finance Ministry.
Mexico’s economy rebounded in the first quarter, expanding more than 4 percent from a year earlier after contracting 2.3 percent in the last three months of 2009, the Finance Ministry’s chief economist said.