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Mexico – Important Facts

Mexico is a country located in North America with a North Pacific Ocean, Gulf of Mexico, and Caribbean Sea coastline. Neighboring countries include Belize, United States, and Guatemala. Mexico is crossed by two mountain ranges known as Sierra Madre Oriental and Sierra Madre Occidental, which are the extension of the Rocky Mountains from northern North America. The government system is a federal republic; the chief of state and head of government is the president. Mexico has a free market<market economy in which the prices of goods and services are determined in a free price system. Mexico is a member of the Asia-Pacific Economic Cooperation (APEC), the North American Free Trade Agreement (NAFTA), and the Trans-Pacific Partnership (TPP).

The Mexican economy continued to expand at a moderate annual rate of growth of 2.5 percent during 2015. Private consumption became the main driving force of economic activity on the back of stronger job creation, real wage growth, and credit expansion. In contrast, the expansion of investment activity has slowed down, including due to public spending adjustments.

Although the economy experienced stronger growth in 2014-15 as a result of increased investment and stronger demand for Mexican exports, growth is predicted to remain below potential given falling oil production, weak oil prices, structural issues such as low productivity, high inequality, a large informal sector employing over half of the workforce, weak rule of law, and corruption. Over the medium-term, the economy is vulnerable to global economic pressures, such as lower external demand, rising interest rates, and low oil prices – approximately 20% of government revenue comes from the state-owned oil company, PEMEX. The increasing integration of supply chains, development of energy sectors, and government-to-government focus on trade facilitation will continue to make the North American region increasingly competitive and contribute to Mexican economic development and strength.

Important Details

  • Country ISO3 : MEX
  • Country Code : 484
  • Income Group : Upper Middle Income
  • Lending Category : IBRD
  • Region : Latin America & Caribbean
  • Currency Unit: Mexican peso
  • WTO Member : Yes
  • Trade organisations : APEC, NAFTA, OECD and WTO
  • world rank : 62
  • Regional Ranking : 3rd in North America