Mexico is set to put rivals in the shade.
Emerging markets have been rightly criticized for squandering favorable global conditions by not taking decisive steps to guarantee their long-term economic health. Mexico has been a gratifying exception to the rule.
Under the helm of President Enrique Peña Nieto, the second largest economy in Latin America has implemented an impressive number of structural reforms that have lifted the image of the country in the eyes of international investors. Areas that seemed out of reach for political leaders, such as the oil sector, the education system, competition and labor laws, are going through significant changes that could help Mexico realize its potential. Although GDP growth was mediocre in 2013, international markets seem to have realized that much of the groundwork has been laid for a brighter future.
Today, Mexico’s fiscal position is solid, unemployment is low and the economy has gained in competitiveness against rivals such as China. The proximity to the giant US market is a natural advantage enhanced by membership of the North American Free Trade Area and large reserves of oil. Mexico has also been able to diversify its economy, exporting a growing volume of non-oil products to different parts of the world. As domestic hurdles to development are reduced, there are reasons for optimism about the country.
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