33 Mexico is A. a poor country, and over the past century its rate of economic g

Question

33

Mexico is A. a poor country, and over the past century its rate of economic growth has peen higher than that of the United States. B. a middle-income country, and over the pas: century its rate of economic growth has been higher than that of the United States. C. a middle-income country, and over the pas: century its rate of economic growth has been lower than that of the United States. D. a poor country, and over the past century its rate of economic growth has been lower than that of the Unitec States.

Explanation / Answer

Mexico is the second largest economy in Latin America. The country has an export-oriented economy: more than 90 percent of trade is under free trade agreements. In recent years, exports of manufactured products have been expanding more than 10 percent per year, mostly due to the increase in car production. Nevertheless, in order to keep the current pace of growth the country needs to reduce its dependence on the United States; increase its tax base and open the state-controlled energy sector.

However, it is considered as higher middle income country with GDP of around 1.3 trillion $ in constant US $ and that is less than 10% of US GDP.

Over the last century, Mexico has witnessed lower growth rate that US.

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