The government of Andrés Manuel López Obrador is squandering an opportunity
Save time by listening to our audio articles as you multitaskRamón’s story helps explain something that would otherwise be baffling: why the Mexican economy grows so slowly. Given its advantages, Mexico should be an engine of growth for Latin America. It shares a long land border with the United States. It is part of a free-trade area that lets Mexican industry integrate into North American supply chains.
Thereafter, Mexico’s share of American imports dropped while China’s soared. China offered a much larger workforce at lower wages, making goods that were substitutes for those made in Mexican factories. Nonetheless, Mexico’s close economic ties to the United States meant that the latter’s housing bust and lacklustre recovery sapped Mexican growth. In 2009, for example, output across emerging markets as a whole rose by 2.
Yet work in the formal sector is not necessarily more attractive. Salvador Trejo, who runs a produce stall in another part of the city, says he can’t afford the taxes that he would have to pay if he moved to the formal sector. Formal employment can mean gaining health insurance, but its benefits are often little better than those provided by health care that can be obtained for nothing. Public pensions do not always sweeten the deal, either.
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