As a result, the transition towards the next Administration is taking place without a crisis for the first time in a quarter of a century. Policy measures implemented to cope with the 1994 economic crisis made possible a fast recovery. This rate of growth is higher than the world's average and that of the Latin American countries during the same period. Steady economic growth has meant more job creation. After losing more than 900,000 jobs during the first eight months of 1995, more than 3.5 millions new jobs have been generated afterwards.
Price stability is a fundamental condition to maintain steady growth.
As a consequence, strict monetary and fiscal policies have been the rule. Downward inflation, employment creation and the increase in productivity have made possible a gradual recovery of real wages since 1997. Investment has been one of the main engines of economic growth, particularly private investment. Export dynamism has been based upon structural change in various productive sectors, by increasing their competitiveness, as well as on the network of trade agreements with 31 countries. As well, Mexico is nowadays the second United States trade partner.