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Mexico is on a roll. International investors are alert to the potential of Latin America’s second-largest economy, with foreign direct investment into the country increasing to a record US$11.8 billion during the first quarter of 2021. Its outsourcing industry alone is worth more than $12 billion a year.
Talent Pool & Education
The country is on track to provide its tech industry with the talent it needs to meet growing demand with a strong flow of qualified graduates. For example, the state of Jalisco, known for its mariachi music and tequila, is also building a reputation for its tech smarts, with 85,000 students graduating each year from its 12 universities.
The official language is Spanish but many Mexicans also speak English and English proficiency is strong in the IT sector.
A member of the OECD, Mexico is an emerging financial market and has the highest per capita income in Latin America. It is an export economy and is heavily dependent on the economic situation in the US, which buys 80% of its exports. According to the IMF, GDP contracted by an estimated 8.2% in 2020, due to the outbreak of COVID-19. However, the country is expected to recover in the coming years, the IMF's April 2021 forecast projects growth of 5% for 2021 and 3% for 2022, subject to post-pandemic global economic recovery. Unemployment was forecast to slightly decrease to 3.6% in 2021.
Left wing President Andrés Manuel López Obrador took office in December 2018. Capitalizing on social discontent, he campaigned on a platform of reducing crime and poverty, economic reform and a more equitable income distribution.