Former Mexican president Miguel de la Madrid Hurtado, who was elected in 1982, died Sunday at the age of 77, the government said.

De la Madrid had been hospitalized in Mexico City with respiratory problem since Dec. 17.

President Felipe Calderon called De la Madrid "a Mexican with a profound commitment to the country" in a statement confirming his death Sunday.

De la Madrid served as finance minister from 1978 to 1981 before his presidency.

During his six-year tenure, the buying power of Mexican salaries was slashed in half because of the soaring inflation. He pulled the country back from economy collapse through a major pact between industry and labor.

To open up the Mexican economy, many state businesses were privatized and the tariff barriers were knocked down during his term. He had brought Mexico into the General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization in 1986.

But his administration was criticized for his slow response to a devastating 1985 earthquake. The massive 8.1-magnitude quake, which struck Mexico City on Sept. 19, killed some 6,000 people.