Mexico's ambitious economic reforms could spur growth, but only if the country can tackle crime and corruption, the OECD said Thursday.
The legislation passed by President Enrique Pena Nieto's administration could boost productivity and investment, and generate annual growth of four percent, the Organisation for Economic Co-operation and Development said in a report.
The reforms include breaking up the state oil monopoly, opening the telecommunications sector and overhauling the tax system.
"This ambitious agenda makes Mexico an example to be followed by other countries in need of reform, but full implementation is crucial, and concerted efforts are needed at all levels of government," said OECD Secretary General Angel Gurria in presenting the report in Mexico City.
"The fundamental remaining challenge is to ensure that the institutions are robust enough to enforce laws and regulations effectively, uphold the rule of law, reduce corruption and offer sufficient public security to all citizens," Gurria said.
Pena Nieto has won international praise for his reforms, but he has faced the biggest challenge of his presidency since the presumed murder of 43 students by a police-backed gang last year.