Respected analytical news agency World Politics Review (WPR) has taken notice of Mexico’s rising star on the world stage,writing about what is sure to be “a brilliant future for Mexico” in a recent online article. WPR is quick to point out that what has quickly become Latin America’s second largest economy is so much more than just a popular vacation destination that is all too often a source of overblown negative press surrounding what is – in reality – isolated cases of violence associated with drug cartels along the northern border and substantially dwindling illegal immigration numbers.
“The reality is much more nuanced; Mexico is doing well in many areas,and today it stands poised to take a leap of prosperity,” writes WPR. “The Mexican economy is already growing faster than Brazil’s,and there are a number of reasons to expect that it will continue to accelerate.”
One reason for Mexico’s rapidly expanding economy is that wages in China have risen sharply over the recent months and years which,along with its much more desirable geographical location,has helped Mexico real estate to become a highly competitive option. In addition,its new president Enrique Peña Nieto has promised to tackle a number of key reforms that will help to usher in a new era of even stronger,more sustainable economic growth. The reforms are expected include changes to laws governing labor,taxes and the constitutionally mandated state monopoly over Mexico’s oil industry. In fact,some of the reforms are already underway and were enacted even before Peña Nieto took office.
“In November [of 2012],outgoing President Felipe Calderón successfully ushered through Congress key reforms to the country’s archaic labor laws,” writes WPR. “Peña Nieto will have to push through constitutional reforms to allow more foreign participation in the oil business,and tax reforms to find new sources of revenue.”
Regardless of how successful Mexico’s new president may be in these efforts,this nation is bound to remain an increasingly important player in the global economy. According to WPR,the World Bank estimates that at least 17 percent of Mexicans rose to the middle class between 2000 and 2010. In addition,the country’s clear agenda and already impressive results economically are all pointing to the fact that “2013 could be Mexico’s year.”