This year has not been good for most emerging economies that have felt the impact of rising interest rates, a slowdown in the global economy and a firm U.S. dollar. Amid this, Mexico is an outlier: Its economy has fared better than expected and its stock market has outperformed other emerging economies. The Mexican peso has also been one of the world’s strongest currencies, appreciating by 15 percent versus the dollar over the past 12 months. The peso has been supported by the Bank of Mexico maintaining a policy rate of 11.25 percent, which is well above the country’s inflation rate of 5 percent. Increased remittances from the U.S. have also tipped Mexico’s current account into surpl
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