Mexico City, March 8 (IANS/EFE) Mexico's economy could grow between 4 percent and 5 percent this year, said President Felipe Calderon.

'All the forecasts agree that Mexico's economic growth this year will be at least 4 percent. And some are already projecting growth of 5 percent,' the president said Sunday.

Mexico's economy contracted by 6.5 percent in 2009, marking the biggest drop in economic output since the Great Depression, when it contracted 14.8 percent in 1932.

The stimulus measures implemented by the government helped to ease the effects of the recession, cushioning the labour market, Calderon said.

Mexico's 1995 financial crisis resulted in the loss of one of every 10 jobs, while only one of every 100 jobs were lost last year and 'we have already regained them', the president said.

The official figures for February will show the creation of more than 100,000 jobs, Calderon said.

Mexico was hit last year by a rise in its country-risk rating and the meltdown in credit default swaps and other securities, the president said.

Mexico's country-risk rating is now close to that of Chile, the lowest in Latin America, and it is in better shape financially than some developed economies, such as Ireland, Greece and several other European countries, Calderon said.

'The truth is that we are turning the corner on economic adversity,' the president said.