The global economy and related exchange traded funds (ETFs) have encountered a big slowdown, and Mexico is no exception. But at least one official in the country is optimistic that the light is at the end of the tunnel.

Mexico’s Finance Minister Agustin Carstens said Tuesday that Mexico’s slowdown has bottomed out and growth is expected to pick up during the first quarter of 2009. The Mexican government reported that its forecasted economic growth in 2008 was set at 2.4%, down from the original 2.8%, report Luis Rojas Mena and Jason Lange for Reuters.

In 2009, Cartens says, the economy should expand by 3%.

Mexico has been hit by the credit crisis in the United States, as 80% of the Mexico’s exports come here. The auto industry is no exception, either.

Mexican car production fell 4.7% in August as faltering demand from the U.S. auto industry has seeped across borders. Most of Mexico’s auto sales are exported to the U.S., where sales have dropped 15.5%.

If Mexico’s economy is indeed at or near the bottom, iShares MCSI Mexico (EWW) could reflect it.

Tags: Emerging Markets, EWW, Latin America, Mexico