Mexico's Economic Growth Strategy Business & Marketing Essay (Essay Sample)

Mexico's Economic Growth Strategy
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Mexico's Economic Growth Strategy
Introduction
Mexico is an industrialized country whose economy significantly depends on revenue gained from exports to other nations. According to Mason and Turay (2016, p. 18), one of its major trading partners includes the United States, through the North America Free Trade Agreement (NAFTA). For such bilateral cooperation to persist between the two countries, multivariate policies and business models need to be integrated into the subsequent economic development narrative. There is no a one-size-fits-all strategy for national prosperity, but rather a variety of approaches must be technically enjoined with each other to achieve results.
Major Obstacles To Mexico's Economic Growth
Mexico's export to the U.S. includes electronics, machinery, automobiles, and fresh vegetables. Nevertheless, an economic downturn in the United States, the recent one being in 2019, has reduced the importing nation's consumption capacity. On this account, Mexico experienced a substantial revenue loss due to diminished export volumes (Camp, 2017, p. 24-6). Another problem affecting the country's economy includes high levels of corruption among government officials. These individuals demand kickbacks from investors so that the latter can be allowed to start or continue operating locally (201-8). Thusly, depending on whether the business owners are allowed to run their investment, the consumer may feel the impact in terms of product rationing or exaggerated prices. The unprecedented economic crisis in the importing nation coupled with prevalent corruption scandals contribute to an undesirable Mexican economic environment.
Suggested Policies To Revive or Sustain Economic Growth