The Swiss-based International Institute for Management Development (IMD) has just published its World Competitiveness Yearbook (WCY) for 2011. Rising nine positions over last year,Mexico has moved into the top 40 countries with a 38th place ranking. While 2009 saw a 6.1% drop in Gross Domestic Product (GDP) in response to the world financial crisis,2010 has been a rebound year for Mexico,and this recovery is the reason behind its strong placing in the WCY.
Mexico has been ranked as the
second highest Latin American country ahead of the economies of Brazil,
Columbia,Peru,Argentina and Venezuela.
Mexico is even ahead of several European countries like Portugal,
Hungary and rising star Turkey. In
fact,this year Mexico ranked even higher than former European powerhouse
Italy. Within Latin America only
Chile did better,ranking 25th.
Many foreign investors have taken
notice and begun to vote with their money. Mexico’s solid economic rebound and consistent policies have
drawn the attention of many new international businesses that have begun
expanding their efforts inside Mexico.
Alfredo Gonzalez Briseno from the Inter American Development Bank,
recently stated that,“the economy in Mexico is getting stronger.” Ernesto Cordero,Mexico’s Finance
Minister,states that 2011,“will be a good year for taking in foreign direct
investment. We hope to be around
20 billion dollars.”
The United States reclaimed the top spot from Singapore and tied with
Hong Kong as being the most competitive nations in the world on the
survey. Last year was the first
time in many decades that the U.S. was not in first place due to the
devastating financial crisis that rocked the country. The IMD has been producing the World Competitiveness
Yearbook annually since 1989 and it is scrutinized by businesses of all sizes
when considering international expansion.