Nodal challenges to economic development in Mexico during the five-year period 2020-2024

Abstract

This article examines important development challenges: how to generate enough paying jobs for young people who are looking for work for the first time; gradually absorb the huge backlog of decent jobs; improve the functional distribution of income via a sustained increase in real wages; and how to eradicate extreme poverty while reducing moderate poverty. To overcome these challenges, it is crucial to ensure that the Mexican economy grows at a rate higher than 6% per year. This cannot be achieved with the neoliberal strategy, which has yielded an annual growth of barely 2.3% over the past six six-year periods. Economic growth at rates seen in Asia is feasible using a sound development strategy.