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Mexico’s Economic Performance and Competitiveness in 2024

Mexico‘s economic performance rose from 30th to 25th position in the IMD’s 2024 global competitiveness ranking.In the sub-indicators of this pillar, Mexico’s positions were as follows: domestic economy (up from 41st to 22nd), international trade (down from 54th to 57th), foreign investment (up from 27th to 19th), employment (down from 8th to 9th) and prices (down from 29th to 35th).

Economic Performance

The IMD World Competitiveness Ranking covers 67 economies. Economies are ranked from the most to the least competitive and the scores are actually indices (from 0 to 100) generated for the sole purpose of constructing charts and graphs. Mexico obtained the world positions presented below in its best and worst evaluations within the economic performance pillar:

Strengths

  • Long-term unemployment (1).
  • Threats of company relocation (4).
  • Gross fixed capital formation – real growth (7).
  • Exports of goods (billions of dollars) (9).
  • Unemployment rate (9).
  • Inward direct investment flows (billions of dollars) (11).
  • Real GDP growth (12).
  • Youth unemployment (13).
  • Real GDP growth per capita (15).
  • Direct investment inflows (billions of dollars) (16).

Weaknesses

  • Concentration of exports by partner (66)
  • Exports of commercial services (%) (60)
  • Food costs (54).
  • GDP (PPP) per capita (52).
  • Terms of trade index (52).
  •  Gross fixed capital formation (%) (49).
  • Youth exclusion (49).
  • GDP per capita (47).
  • Foreign direct investment stocks (% of GDP) (47).
  • Current account balance (43).

Pillars

Based on analysis by leading academics and IMD’s own research and experience, the World Competitiveness Ranking methodology divides the national environment into four main factors: 

  • Economic Performance.
  • Government Efficiency. 
  • Business Efficiency. 
  • Infrastructure. 

In turn, each of these factors is divided into five sub-factors that highlight each facet of the areas analyzed. In total, the World Competitiveness Ranking includes 20 such sub-factors.These 20 sub-factors comprise 336 criteria, although each sub-factor does not necessarily have the same number of criteria (e.g., more criteria are needed to evaluate Education than to evaluate Prices).