Mexican President Andrés Manuel López Obrador stated this Sunday in his latest official Government Report that Mexico’s economy grew an average of 1% annually during his six-year term (2018-2024), now ranking 12th in the world from 15th previously.
“During the six-year term, even with the pandemic (of covid-19), that crisis had not been seen at least in the last century of our history, that fall in the economy due to the pandemic that affected Mexico and the world, even with that, we are going to end the six-year term with an average growth of 1%”he declared in the Zócalo of Mexico City.
López Obrador delivered his last official Government Report this Sundayin which he took stock of his six-year term (2018-2024) before handing over the presidential sash on October 1 to his successor, Claudia Sheinbaum, from his same party, the National Regeneration Movement (Morena). In his speech, the president considered the growth of the gross domestic product (GDP) as
“Despite the pandemic and the global crisis triggered by the war between Russia and Ukraine, and after the economy fell by up to 8.5% in 2020, we got back up and from 2021 to date we have grown by an average of 3.4% annually.”he said. The president highlighted that, based on World Bank data from 2018 to 2023, “Poverty in Mexico went from 34.3 million people to 24.7 million, that is, in 5 years 9.5 million Mexicans escaped poverty.”
He also stated that “Mexico is considered one of the most attractive countries to invest and do business”citing a record $36 billion in foreign direct investment (FDI) in 2023 and $31 billion in the first half of 2024. “During this six-year term we displaced China and Canada and today we are the main commercial partner of the United States. For the first time in more than 50 years, the peso has not been devalued; on the contrary, our currency occupies second place in the world in terms of strength in relation to the dollar.”he pointed out
He also said that general inflation has been controlled at a rate of 5.16% in the first half of August. About work, reported more than 2.3 million jobs new formals registered in the Mexican Institute of Social Security (IMSS)totaling 22.38 million.
While the informality rate fell 4.2 points during the six-year term to 54.3%. “We are the second country in the world, and I did not even promise that I would be the president of employment, with less unemployment. In 2018 the average salary of workers registered in social security was 352 pesos per day (17.6 dollars), today it is 587 pesos (29.35 dollars)”he explained.
EFE
