How to make it in Mexico
Businesses are opening more shops across Mexico, but the country’s growing population is holding back the economic growth.
(Photo: AFP/Getty Images)”We are very happy about the progress in our economy,” President Enrique Peña Nieto told reporters on Thursday.
“We need to keep on adding to our prosperity, not only in the country of our birth but also globally.”
Mexico’s growth has slowed sharply in recent years, with gross domestic product contracting by a larger than expected 0.3 percent last year.
Peña has pledged to boost spending by at least 10 percent, but some economists say that could be difficult without massive government spending.
Peña has also promised to boost the size of the public sector, which currently employs about 8.3 million people.
The unemployment rate stood at 16.7 percent last December.
The number of people without jobs grew by almost 9 million to 4.9 million last year, according to the Office of National Statistics.