That could make Mexico's most buoyant export businesses, such as carmaking and aerospace, even more competitive.Yet this is just one part of an energy revolution that is set to sweep Mexico now that its constitution has been changed, and enabling laws have been passed, to end Pemex's 76-year monopoly on oil and gas production.
Consumers are reluctant to spend and, so far, buoyant export growth has not incited firms to invest, despite hopes to the contrary.The degree to which America outperforms the others will depend, in large part, on whether, and how, different countries tighten monetary and fiscal policy.
By contrast, Asian emerging economies are running current-account surpluses thanks partly to buoyant exports to America.A weaker American economy could mean a weaker dollar.
Most analysts expect China to achieve at least 7% growth this year thanks to buoyant exports and foreign investment as well as governmental pump-priming.
After four disappointing years, the German economy looks poised to make a genuine recovery sustained by stronger domestic demand as well as buoyant exports.
Powered by buoyant exports to the far east and an upturn in business investment and household spending, the economy grew by 3.6% last year.
Peru owes much of its economic growth to buoyant exports—$20 billion in the year to June which in turn are reliant on high prices for minerals, especially gold and copper, and on trade concessions from the United States.
The economy grew by nearly 4% in the year to the second quarter of 2003, fuelled by buoyant exports and private consumption, and it seemed likely to keep up that pace.
ECONOMIC growth, for the third year running, of more than 6%; a stockmarket that, until this week at least, was testing new highs and had risen by more than 50% in a year; buoyant exports, a credit boom and bulging reserves of foreign exchange.
And now that it is coming down to earth, at least its fall is being slowed by the combination of subsidies, an indulgent antitrust policy and buoyant exports.But if America's defence giants want to continue to prosper, they must become more international.
The Government has become more optimistic about the outlook for next year since reporting last month that gross domestic product contracted a smaller-than-expected one-tenth of a percent in the third quarter, thanks to relatively healthy banks and buoyant exports.
