Mexico’s economy could surge to 4% growth by this decade’s end, driven by companies moving their operations, says Francisco Cervantes, head of the Business Coordinating Council.
This increase could outdo the usual 2.5% growth rate, boosting exports and foreign investment significantly, he shared at the “Mexico Nearshoring Summit.”
Cervantes highlighted, “Nearshoring starts a new global economic chapter.”
He pointed out that after financial crises and the pandemic, there’s a move from globalization to “nearshoring.”
With 363 new investment plans and 50 industrial parks in progress, Mexico stands to gain immensely from this shift.
For success, Mexico needs better security, infrastructure, sustainable water, and clean energy, Cervantes advised.
He also called for simpler regulations, fair trade, better training, especially for small and medium enterprises (SMEs), and nationwide investment.
As Latin America’s number two economy, Mexico grew 3.1% in 2023. For 2024, growth is projected at 2.5% to 3.5%.
This move to “nearshoring” could redefine Mexico’s economic landscape, showcasing the importance of adapting to global shifts for growth.
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