Mexico has the potential to become the tenth largest economy in the world, said Eduardo Osuna Osuna, vice president and general director of BBVA México, writes La Jornada on May 7.
According to the banker, for this to happen and economic growth to exceed 2% annually, it is necessary to increase investment and carry out a series of other actions.
“Mexico has a huge opportunity, and when we try to quantify how big that opportunity is, it’s about going from being the 13th largest economy now to the 10th largest economy in the world (by 2050).”he said.
He highlighted that to achieve this objective, Mexico needs to have 25% public and private investment in relation to GDP, and this is the minimum required to achieve economic growth of 2%.
He clarified that this will be possible if the country solves a series of problems, such as promoting the use of renewable energy sources and improving the management of water resources. It also aims to encourage public-private partnerships, develop infrastructure projects, especially in the field of logistics, stimulate education and human capital development, improve security and the rule of law, and promote the inclusion of women in the labor force.
Osuna Osuna pointed out the need to continue stimulating domestic consumption, which has been the main driver of economic growth in recent years, as well as reduce inequality by further increasing the minimum wage, as the current administration has done.
Source: Rossa Primavera
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