Mexico Overview (2024)

With a population of almost 130 million, a rich cultural history and diversity, and abundant natural resources, Mexico is among the 15 largest economies in the world and the second-largest economy in Latin America. The country has solid macroeconomic institutions, is open to trade, and has a diversified manufacturing base connected to global value chains.

Over the last three decades, Mexico has underperformed in terms of growth, inclusion, and poverty reduction compared to similar countries. Its economic growth averaged just above 2 percent a year between 1980 and 2022, limiting progress in convergence relative to high-income economies.

The Mexican economy grew by 3.2% in 2023, the second consecutive year of growth exceeding 3%, a moderation after the post-pandemic rebound. The official multidimensional poverty rate fell from 43.9% in 2020 to 36.3% in 2022, lifting 8.8 million Mexicans out of poverty, although extreme poverty has decreased more slowly.

The economy has recovered its employment and Gross Domestic Product (GDP) pre-pandemic levels. Mexico’s stable macroeconomic framework, the U.S. dynamism, and solid manufacturing base will support economic growth.

To accelerate sustainable economic growth and poverty reduction over the medium term, Mexico needs to address structural constraints such as limited access to finance, insecurity, informality, regulatory burdens, and infrastructure bottlenecks. Tackling these challenges is essential to fully seize the opportunity that nearshoring represents in the current international environment.

Last Updated:Mar 27, 2024

Mexico Overview (2024)

FAQs

What is the basic overview of Mexico? ›

Mexico is rich in natural resources, like oil, silver, copper, and agricultural products. Its economy boasts a rich diversity of agricultural crops, highly productive oil fields, a growing manufacturing base, as well as strong trade with the United States and Canada.

What is the economic overview of Mexico summary? ›

Mexico economic overview

Mexico is the second-largest economy in Latin America and the fourth-largest in the Americas, with a nominal GDP of over USD 1.5 trillion. Mexico is also the third most populous country in the Americas, after the U.S. and Brazil.

What is the Mexican education system an overview? ›

Structure of the basic education system

In Mexico, basic education is normally divided in three steps: primary school (primaria), comprising grades 1–6; junior high school (secundaria), comprising grades 7–9; and high school (preparatoria), comprising grades 10–12.

How can I describe Mexico? ›

Mexico is the fifth-largest country in the Americas and the 14th largest in the world. It is the 11th most populated country and the largest Spanish speaking country. Mexico is a federation comprising thirty-one states and a Federal District, the capital city.

What is Mexico best known for? ›

Mexico is known for its rich culture, ancient ruins, dazzling beaches, and incredible cuisine. Tour Mayan temple ruins by day and indulge in fantastic food while listening to the rhythms of live music by night. Lounge on tropical beaches and explore the vibrant corals and marine life of the underwater world.

Why is Mexico so unique? ›

Mexico has 10-12% of the world's biodiversity, making it the fourth most biodiverse country in the world. The wildlife includes tourist favorites like spider monkeys, ocelots, and macaws. Chocolate originated in Mexico, where the Aztecs and Mayans first cultivated the cacao plant thousands of years ago.

What are 3 historical facts about Mexico? ›

Some key dates and events in Mexico's history are as follows:
  • 1519: Cortes sails from Havana and lands in Mexico.
  • 1520–1521: Montezuma dies and Cortes lays siege to Tenochtitlan, the capital of the Aztec empire.
  • 1524: Consejo (council) de las Indias established by the King of Spain. ...
  • 1527: Bishopric of Mexico created.

What is Mexico's food culture? ›

Food and drink. For the vast majority of Mexicans of all economic levels, cuisine varies greatly by region but depends heavily on an ancient trinity of staples: corn (maize),beans —which provide an excellent source of protein—and squash. Rice is another staple usually served side by side with beans.

What does Mexico produce the most? ›

Mexico is one of the most important world producers of meat, particularly beef from the northern regions. Mexico's meat is both for national consumption and export. Mexico is among the world's largest producers of oil, silver, copper, gold, lead, zinc, natural gas and wood.

Is Mexico a wealthy country? ›

As an emerging global player in the economy, Mexico has a Foreign Direct Investment of $29.3 billion placing 19th in the World Export Ranking. Mexico is becoming a fundamentally middle-class country with 50 percent of its population as middle class, and 30 percent being in the upper class.

What is Mexican culture? ›

Mexican culture today is a mix of indigenous and Spanish influences, which you can see in many ways: Cuisine: Mexican cuisine combines native ingredients like corn, chili, and chocolate with Spanish imports like dairy and wheat, creating distinctive dishes like mole and flavorful cheeses like Cotija and Oaxaca.

Does Mexico have free healthcare? ›

Rooted in the Mexican constitution's principles, every Mexican citizen is entitled to cost-free access to healthcare and medication.

What is the Mexican national animal? ›

Mexico's national animal is the majestic golden eagle. The country's arresting coat of arms even depicts a Mexican golden eagle perched on a prickly pear cactus devouring a rattlesnake. This draws on an Aztec legend that said you would know where to build your city once you saw an eagle eating a snake on top of a lake.

What is a brief description of Mexico City? ›

Mexico City is the capital of Mexico and is synonymous with the country's Federal District. The term Mexico City can also apply to the capital's metropolitan area, which includes the Federal District but extends beyond it to the west, north, and east. It is called México in Nahuatl and Ciudad de México in Spanish.

What are the basic beliefs of Mexico? ›

The absolute domination of Catholicism is declining gradually in Mexico, but it is still the religion of approximately 85% of Mexicans. A small number of Jehovah's Witnesses, Adventists and Mormons do exist and grow in number every year. Mexico also has 10% 'traditional' Protestants and 5% Jews.

What is the basic history of Mexico? ›

In 1521, Spanish conquistador Hernan Cortes conquered the Aztecs and Mexico became a Spanish colony. For 300 years Spain ruled the land until the early 1800s. At that time the local Mexicans revolted against Spanish rule. Father Miguel Hidalgo declared Mexico's independence with his famous cry of "Viva Mexico".

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