Total GDP:
According to Gapminder, from 1960 to 2019, the total GDP of Mexico has continued to grow. In 2019, Mexico had a total GDP of 1.31 Trillion.
In contrast to gap minder, the world bank has shown Mexico as having 1.269 trillion instead of 1.31 trillion. This is likely due to the differences in the methods used to calculate these models, which thus led to the discrepancies in the data.
However, even though there was an overall positive trend in the data from the 1960s to 2019, this close-up snapshot of the last 10 years presents Mexico actually having a drop in its GDP in the year 2016. This could've been because of the US presidential election and Donald Trump framing the Mexicans as antagonists who will have to pay for the wall.
Real GDP Annual Growth (%) for the last 10 years:
GDP growth in the last 10 years has slowly decreased. In 2019, the GDP growth of Mexico was measured at -0.055%. Furthermore, there was a significant decrease in the GDP of Mexico.
Real GDP Per Capita:
The real GDP per capita of Mexico is clocked at 9,946 dollars, which is not incredibly poor but definitely not classified as rich. In fact, the country pails in comparison to other places like Luxembourg, which have a GDP Per Capita of around 113 thousand dollars.
GDP per capita is in The Philippines is less than half the amount seen in Mexico, even when PPP adjustments are made. These adjustments help make for a better comparison of living standards.
ReplyDeleteIn 1940, GDP per capita was roughly equal in both countries. From 1940-2010 growth tended to be stronger year-on-year in MEX leading to a large divergence. However, since 2010 the tide has started to turn and GDP growth has been stronger in PH, leading to a slight closing of the (still significant) gap in output.
This is perhaps indicative of a wider global trend - the axis of income and power shifting slowly from the West to the East. If this trend continues then in the next few decades we may see GDP per capita in the PH catching up with, or even overtaking MEX.