Report: Mexico’s open-economy approach and new trends in the face of the Covid-19 pandemic

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Mexico has implemented fiscally restrained adjustments in response to the pandemic, focusing on monetary policy and the redistribution of federal budgets rather than new loans from multilateral institutions such as the IMF. The country has maintained an open border policy to sustain the economic benefits of tourism, manufacturing and trade. Diverging from other countries in this respect allowed Mexico to become the third-most visited country in the world in 2020. Key public-private investments in infrastructure and technology have the potential to boost economic growth in a country lagging in investment in both areas. Digitalisation across a variety of sectors, notably energy and banking, should help Mexico to both address structural vulnerabilities and reap the benefits of new global economic trends. At the same time, targeting the unbanked segment of the population and taking advantage of fresh demand for lithium and other minerals will generate further growth opportunities.

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