The development process in Mexico hasbeen partly framed by a set of defining characteristics aswell as by significant economic reforms during recentdecades. The country has established a strong track recordof prudent macroeconomic policies. The Central Bank and theMinistry of Finance have delivered stable and sustainablemonetary and fiscal policies, and garnered high credibilityin international markets. Successive governments haveimplemented a broad set of reforms that have opened theeconomy to trade and liberalized domestic markets. In thesocial sectors, Mexico has led the way among emerging anddeveloping economies in reshaping social protection, healthcare, and education policies. These reforms have helpedtransform the country over the last 30 years. Aside fromreforms and policies that have improved outcomes, Mexicohas, at least, three key defining characteristics: (1) aprivileged geography, (2) abundant natural capital, and (3)a democracy that has allowed the emergence of more politicalparties over the last 20 years. These factors have eachpartly shaped the country’s development and deliveredsignificant economic and social outcomes. Yet, the questionremains: how can Mexico grow more rapidly and become moreinclusive along its development path? These are the centralissues covered in this systematic country diagnostic (SCD).
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