Innovation and Development in Mexico: The Promising Road Ahead
Miguel Salazar, Program Assistant for the Mexico Institute, has released this report on innovation and development
Despite the tenuous state of public security in Mexico and the impact the U.S. economic recession has had on the country, Mexico has been successful at boosting its economic performance, while at the same time demonstrating innovation in its agricultural, aerospace, automobile manufacturing and energy sectors. Although these advances are noteworthy, the country faces ongoing challenges to its progress and continued growth, particularly due to monopolistic industries and an unequal distribution of wealth.
When compared with the rest of the Latin American region, Mexico has not performed as well as expected. Mexico is currently ranked 81st by the Global Innovation Index, which ranks a country’s level of innovation. Viewed comparatively with Latin America and the Caribbean, Mexico is ranked 11th out of 20. More disappointing yet is the disparity between Mexico and the rest of North America; the United States and Canada are ranked in 7th and 8th place, respectively. The World Economic Forum’s Global Competitiveness Index (GCI) ranked Mexico 58th in 2011-2012, up from 66th place in 2010-2011. Although this overall ranking places Mexico in a group along with other well developed and developing countries, there are many sectors that serve as obstacles to increased competitiveness and development.