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Mexico stagnates in IMD competitiveness ranking

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Mexico stagnated in the IMD competitiveness ranking in 2022, in position 55, the same as it registered in the previous edition, in 2021.

According to World Bank data, the Mexican economy, measured by 2020 GDP (at current prices in US dollars), is the 15th largest in the world.

The Mexican economy had a real GDP of 17 trillion 790.2 billion pesos in 2021 and a GDP decrease of 332.07 billion pesos between 2017 and 2021, an average annual decrease of 0.34% each year.

The Special Program for Productivity and Competitiveness 2020-2024 of Mexico,  published in the Official Gazette on December 31, 2020, aims to boost productivity, development and growth, through greater financial inclusion, infrastructure development, greater inclusion employment of women and young people, enhancing business competition and promoting the rule of law, among other means.

The program has specific goals and measurement parameters to evaluate compliance and successful implementation and is mandatory for all agencies, dependencies and government entities of the Federal Public Administration.

Breaking down the four main pillars of the competitiveness ranking, Mexico ranked 27th in economic performance; 60 in government efficiency; 47 in business efficiency and 58 in infrastructure.

Competitiveness ranking

During the first quarter of 2022, economic activity and mobility remained restricted in Mexico due to the ongoing impact of the Covid-19 pandemic and the appearance of new variants.

The economic recovery in some service sectors, such as transport and tourism, remained particularly limited.

In addition, ongoing global supply chain disruptions, adverse impacts from the RussiaUkraine conflict, including volatile oil and gas prices and disruption to global financial markets, and the lockdown imposed on some Chinese provinces in response the resurgence of Covid-19 have slowed the recovery of domestic demand and credit, led to higher costs, inflation and rising interest rates, and contributed to input shortages for industries such as construction and manufacturing.

Nonetheless, most economic sectors in Mexico grew during the first quarter, with private consumption and employment reaching higher levels than before the pandemic.

 

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