During Ernesto Zedillo's six-year term in Mexico, economic stabilization was a prominent achievement, along with the successful implementation of NAFTA and key reforms that modernized the national productive structure. However, these actions had a significant impact on the population, especially due to controversial decisions such as the use of the Bank Savings Protection Fund (Fobaproa), which left a considerable economic burden.
"The bank rescue managed to stabilize the financial system, but left a significant economic burden that is still felt," experts comment. Despite the initial challenges, the Mexican economy managed to recover quickly, highlighted by strong export growth driven by NAFTA and the structural reforms implemented during that period.
Although the economy managed to recover and grow vigorously, poverty and inequality persisted, generating criticism about the effectiveness of the measures implemented. The increase in domestic debt, resulting from the bank rescue, became a significant economic challenge that Mexico still faces today.
Moreover, the economic crisis that erupted in December 1994, just days after Zedillo assumed the presidency, marked a critical moment in his term. The lack of agreements and coordination in the face of the crisis led to one of the worst economic crises in Mexico's recent history, with significant devaluation and uncontrolled inflation.
Despite the criticisms and challenges, Zedillo's six-year term paved the way for party alternation in the presidency and Congress, which is considered an important milestone in the country's recent history. Although his economic management was questioned, achievements such as controlling inflation and sustained economic growth during certain periods are recognized.
