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What external factor significantly affected Mexico's economy before de la Madrid's term?

  • Oil prices drop

  • Coffee prices surge

  • Gold prices plummet

  • Tech stock crash

Answer

Oil prices plummeted in the early 1980s, severely impacting Mexico's economy. This sharp decline resulted in a substantial decrease in export revenues and government income. The loss of this crucial source of revenue led to a foreign debt crisis, as Mexico struggled to meet its international financial obligations. This external factor created significant economic challenges and contributed to the need for transformative policies during de la Madrid's presidency.
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