Mexico’s economic revival is certainly being recognized globally. Antonio Garaza of World Politics Review demonstrates how Mexico will sustain this trend in the years to come.
An “open economy” is one driving force in the success of Mexico’s growing economy. Mexico’s economy has a competitive edge and is open (in comparison with other economies) with its largest factor being trade, 63% to be exact. Mexico’s export output alone equates, “to the annual value of exports by the rest of Latin America put together” according to Garaza.
The 12 free trade agreements Mexico shares with 44 other countries only aids to its relationship with foreign investors. Mexico has strategically placed itself as a credible player within the global spectrum. Mexico is driven not by the pursuit of ideologies when approaching trade alliances, Garza explains, but they are able to strategically focus on economic policy and geopolitical interests.
Mexico’s recent work at building a strong, competitive economy has proven to be positive, with numbers to back it. Within a decade, Mexico had 17 percent of the population join the middle class. The middle class is currently compromised of a youthful, well-educated portion of citizens that are growing at a rapid pace. As the middle class continues to grow, “ it signifies not only the possibility of greater economic development as its members continue making gains, but also a more stable democracy as they seek to protect those gains” Garaza notes.
Many countries from Europe and Asia are now looking towards Latin America for investment, mainly Mexico. It is a current driver for North America as it holds powerful core values and has a strong record of promoting trade and investment.