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Legal certainty: an essential factor for development and sustainable economic growth

Wednesday, 25 July 2018 20:31

At the beginning of 2018, Christine Lagarde, the managing director of the International Monetary Fund "warned that uncertainty about the renegotiation of the North American Free Trade Agreement (NAFTA) and the presidential elections could hinder Mexico's growth in the short term."

Similarly, just a few days ago, Ildefonso Guajardo, the current Secretary of Economy and leader of the Mexican Government in the NAFTA renegotiation process, suggested that it was necessary to seek an environment of certainty to achieve a solid and fair result for the benefit of the three  North America countries.

This search for certainty and stability is also a constant demand of entrepreneurs and business people, and even without knowing it, all these claims indicate that legal security is an indispensable condition for development and sustainable economic growth.

Legal certainty requires at least these significant items: to developed culture of legality ("respect for the rights of others means peace"), to have a robust legal framework adapted to the realities of the current times,  solid political institutions, as well as a reliable judicial power and efficient.