Economy of Mexico and Mercosur

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Difference between Economy of Mexico and Mercosur

Economy of Mexico vs. Mercosur

The economy of Mexico is the 15th largest in the world in nominal terms and the 11th largest by purchasing power parity, according to the International Monetary Fund. Since the 1994 crisis, administrations have improved the country's macroeconomic fundamentals. Mexico was not significantly influenced by the 2002 South American crisis, and maintained positive, although low, rates of growth after a brief period of stagnation in 2001. However, Mexico was one of the Latin American nations most affected by the 2008 recession with its Gross Domestic Product contracting by more than 6% in that year. The Mexican economy has had an unprecedented macroeconomic stability, which has reduced inflation and interest rates to record lows and has increased per capita income. In spite of this, enormous gaps remain between the urban and the rural population, the northern and southern states, and the rich and the poor. Some of the unresolved issues include the upgrade of infrastructure, the modernization of the tax system and labor laws, and the reduction of income inequality. Tax revenues, all together 19.6 percent of GDP in 2013, are the lowest among the 34 OECD countries. The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. Recent administrations have expanded competition in ports, railroads, telecommunications, electricity generation, natural gas distribution and airports, with the aim of upgrading infrastructure. As an export-oriented economy, more than 90% of Mexican trade is under free trade agreements (FTAs) with more than 40 countries, including the European Union, Japan, Israel, and much of Central and South America. The most influential FTA is the North American Free Trade Agreement (NAFTA), which came into effect in 1994, and was signed in 1992 by the governments of the United States, Canada and Mexico. In 2006, trade with Mexico's two northern partners accounted for almost 90% of its exports and 55% of its imports.. The World Factbook. CIA. Recently, the Congress of the Union approved important tax, pension and judicial reforms, and reform to the oil industry is currently being debated. Mexico had 15 companies in the Forbes Global 2000 list of the world's largest companies in 2016. Mexico's labor force is 52.8 million as of 2015. The OECD and WTO both rank Mexican workers as the hardest-working in the world in terms of the amount of hours worked yearly, although profitability per man-hour remains low. Mercosur (also known as Mercosul or Ñemby Ñemuha) is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994.

Bolivia

Bolivia (Mborivia; Buliwya; Wuliwya), officially known as the Plurinational State of Bolivia (Estado Plurinacional de Bolivia), is a landlocked country located in western-central South America.

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Brazil

Brazil (Brasil), officially the Federative Republic of Brazil (República Federativa do Brasil), is the largest country in both South America and Latin America.

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Central bank

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.

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Chile

Chile, officially the Republic of Chile, is a South American country occupying a long, narrow strip of land between the Andes to the east and the Pacific Ocean to the west.

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Colombia

Colombia, officially the Republic of Colombia, is a sovereign state largely situated in the northwest of South America, with territories in Central America.

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Ecuador

Ecuador (Ikwadur), officially the Republic of Ecuador (República del Ecuador, which literally translates as "Republic of the Equator"; Ikwadur Ripuwlika), is a representative democratic republic in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean to the west.

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European Union

The European Union (EU) is a political and economic union of EUnum member states that are located primarily in Europe.

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Free Trade Area of the Americas

The Free Trade Area of the Americas (FTAA; Área de Libre Comercio de las Américas, ALCA; Zone de libre-échange des Amériques, ZLÉA; Área de Livre Comércio das Américas, ALCA; Vrijhandelszone van Amerika) was a proposed agreement to eliminate or reduce the trade barriers among all countries in the Americas, excluding Cuba.

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Free-trade area

A free-trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement (FTA).

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General Agreement on Tariffs and Trade

General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

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International Monetary Fund

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1945 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.

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List of countries by GDP (nominal)

Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.

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List of countries by GDP (PPP)

This article includes a list of countries by their forecasted estimated gross domestic product based on purchasing power parity, abbreviated GDP (PPP).

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Macroeconomics

Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

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Mexico

Mexico (México; Mēxihco), officially called the United Mexican States (Estados Unidos Mexicanos) is a federal republic in the southern portion of North America.

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North American Free Trade Agreement

The North American Free Trade Agreement (NAFTA; Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; French: Accord de libre-échange nord-américain, ALÉNA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.

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Purchasing power parity

Purchasing power parity (PPP) is a neoclassical economic theory that states that the exchange rate between two countries is equal to the ratio of the currencies' respective purchasing power.

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United States dollar

The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792.

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Uruguay

Uruguay, officially the Oriental Republic of Uruguay (República Oriental del Uruguay), is a sovereign state in the southeastern region of South America.

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Venezuela

Venezuela, officially denominated Bolivarian Republic of Venezuela (República Bolivariana de Venezuela),Previously, the official name was Estado de Venezuela (1830–1856), República de Venezuela (1856–1864), Estados Unidos de Venezuela (1864–1953), and again República de Venezuela (1953–1999).

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