Thursday, April 3, 2025

AMLO: Mexico’s economy will be in global top 10 within decades

President López Obrador noted Thursday that Mexico is projected to become one of the world’s top 10 economies in the coming decades.

“Yesterday, or the day before yesterday, I was looking at some statistics where they make projections into the future, and in some decades Mexico will be among the 10 countries with the greatest economic strength,” he told reporters at his morning news conference.

Monterrey, Nuevo León, is one of the hotspots for manufacturing in Mexico. (Depositphotos)

Mexico is currently the 14th largest economy in the world with a gross domestic product of US $1.41 trillion in 2022. In 2017, professional services firm PricewaterhouseCoopers predicted that Mexico will be the 7th largest economy in the world in 2050.

Since then, the Mexican economy has suffered a sharp COVID-induced downturn in 2020 before recording growth of 4.8% and 3.1% in 2021 and 2022, respectively.

Buoyed by manufacturing activity, tourism and inflows of foreign investment and remittances, among other factors, Mexico’s GDP expanded 3.9% in annual terms in the first quarter of 2023.

López Obrador said that Mexico is currently “very attractive” for foreign investors, who injected over US $18 billion into the economy in the first quarter of the year.

Economy Minister Raquel Buenrostro
Economy Minister Raquel Buenrostro at a meeting on semiconductor supply chains in North America. (Raquel Buenrostro/Twitter)

“It’s one of the countries that is receiving the most foreign investment in the world,” he said, adding that Mexico is also among the top nations for “financial and economic stability.”

López Obrador also touted the “competitive advantages” of investing and doing business in Mexico, among which are affordable labor costs and proximity to the United States.

Economy Minister Raquel Buenrostro said late last year that over 400 North American companies intended to relocate from Asia to Mexico, while the Mexican Association of Private Industrial Parks is predicting that more than 450 foreign firms will move here during 2024 and 2025.

The governor of Nuevo León — a hub for foreign manufacturing firms — said earlier this year that the growing nearshoring phenomenon could spur annual economic growth of up to 10% in Mexico.

While there are “circumstances of crisis and risk” around the world, “the planets are aligning for our country,” Samuel García said at a business event in March.

With reports from Aristegui Noticias and La Jornada 

Have something to say? Paid Subscribers get all access to make & read comments.
Mexico's President Claudia Sheinbaum stands at the presidential podium looking out at an audience off-camera with her fist raised and her mouth open as if cheering. Behind her is a wall with the words in Spanish: Plan Mexico, Strenghtening the Economy and Well-Being, Mexico City April 3, 2025.

Sheinbaum unveils an even more ambitious version of her transformative Plan México

1
Sheinbaum said the projects she announced as part of Plan México will bring about more well-paid employment, less poverty and inequality, greater investment and production and more innovation.
A trading graph trending downwards

How is Mexico responding to the Trump tariffs?

0
How is the Mexican government set to react to the news coming out the United States and what can we expect in the near future?
Canadian miners and Mexican government officials inaugurate the new Torex Gold mining project in Guerrero

In Guerrero, Mexico’s biggest gold producer is about to get even bigger

0
Torex Gold's Media Luna mining project supports over 1,500 local service providers and offers training and financing to local companies, the president of the state business council said.