How do you handle the tight coupling with the US ?
Most of the growth can be attributed to moving manufacturing from the US to Mexico. It interesting that even as this happened income became increasingly concentrated. I'm not sure you can easily consider the Mexican economy decoupled from the US. Now assuming a tight coupling and also expecting the US to enter at least a mild recession soon one would expect this coupling to not help.

So even though it exists and is a big complication for considering Mexico as and independent Oil Exporter we expect it to turn down at the same time so maybe it can be dismissed since at best it will be and additional negative factor.

Canada is in the same economic boat in a lot of ways as Mexico so I don't see this tight economic coupling as a positive as the US economy itself stumbles.

As long as the US economy was booming however it did hide or delay the effects of ELM. In any case ELM is not exactly correct for tightly coupled economies but unless you can show the other economy will remain robust it seems to me that at best it delays ELM's economic effects.