This paper proposes an explanation of Mexico's economic evolution during the period in which its neoliberal strategy has been consolidated and consistently implemented. The focus is on global issues. The paper provides an interpretation of macroeconomic developments and the factors behind Mexico's slow growth, with an emphasis on economic policies and their consequences. A particularly important factor is the phenomenal growth of the import coefficient. On the basis of previous findings, the paper also presents some prospective scenarios for Mexico. The main purpose of the exercises is to show the difficulties faced by Mexico, which is very open to international trade, in combining fast growth with external balance.