My Country Mexico Essays Example

Mexico is a country located on the North American continent and covers an approximated area of 1, 943, 945 KM2 of land and a further 20, 430 km2 of water. It is thus the 14th largest country in the world. Mexico gained her independence in 1882 from Spain and had a population of 114, 975, 406 as of 2012. The residents of Mexico are known as Mexicans. It has the largest population that speaks Spanish in the world. Mexico shares a border with the United States, Belize, and Guatemala and it’s headquartered in the Mexico City.
Mexico uses Mexican Peso as its official currency for economic transactions. Economically, Mexico is ranked 15th in the world and recognized for its strong purchasing power, ranked 11th in the world, as per the International Monetary Fund reports (IMF 2015). From the global economic crisis of 1994, the Mexican government strengthened the macroeconomic policies and fundamentals and hence it was not impacted heavily during the 2002 Crisis in South America but continued to maintain positive but lower growth rates after the stagnation in 2001. The 2008 global economic recession hit the country hardest with its Gross Domestic Product estimated to have contracted by more than six percent. Further, the economy of Mexico has an unprecedented stability of her macro sector that has contributed to lower rates of interest and inflation with increased per capita income. However, there are still enormous gaps which persist between urban and rural population, rich and poor as well as between southern and northern states.
In economic management, the Mexican government is still facing challenges in upgrading the country’s infrastructure, modernizing the labor laws and tax system and reducing income equality. In the political front, Mexico continues to lag behind in promoting the effective rule of law and at the same time strengthening her legal framework. As such, its judicial system is still vulnerable to political interference. This makes it hard to protect property rights of citizens and corruption has also been cited as the primary factor that undermines the commercial competitiveness of Mexico.