11:46 a.m. March 3, 2008
MEXICO CITY – President Felipe Calderón announced a 60-billion-peso ($5.6 billion) package of tax breaks, utility-rates discounts and spending programs Monday to help Mexico's economy weather the slowdown in the U.S. economy.
Companies will get a 3 percent income tax break for the next five months and 10- to 20-percent electricity rate reductions, as well as credit from development banks and an increase in infrastructure spending to help them overcome the effects of what Calderón called “an adverse international environment.”
“Since last year, the economic performance of our principal trading partner (the United States) has show signs of deceleration,” Calderón said at a ceremony to announce the package. “The problems in its financial sector and housing market make its prospects for growth in 2008 not very encouraging.”
This article is very important because it is very important that Mexico not allow their economy to decrease because of the United States economic downfall.
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