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- Mexico was a relatively poor country with a struggling economy.
- The government was heavily indebted to foreign banks.
- The country's infrastructure was underdeveloped.
- There was widespread poverty and inequality.
- The political system was authoritarian and corrupt.
After the oil boom:
- Mexico experienced a period of rapid economic growth and modernization.
- The government used its oil wealth to invest in infrastructure, education, and healthcare.
- The country's GDP increased by an average of 6% per year.
- Poverty and inequality decreased significantly.
- The political system became more democratic and open.
However, the oil boom also had some negative consequences:
- The economy became too dependent on oil, and when oil prices fell in the 1980s, Mexico experienced a severe economic crisis.
- The influx of oil wealth led to corruption and increased inequality.
- The environmental impacts of oil production were significant.
Overall, the oil boom had a profound impact on Mexico, and its legacy is still felt today.