By Francisco Peyret
During one of his morning press conferences last week, President Andrés López Obrador presented some of his achievements in economic matters. Strangely, it seemed to have very little impact on the media. For now, it seems that the national media in Mexico doesn’t care much about economic issues. This is very different from what is happening in the rest of the world, where economic movements and geopolitical matters have gained significant attention, especially due to the COVID-19 pandemic and the Ukraine-Russia war.
We are in the midst of a global energy crisis, and Western Europe in particular is struggling. Germany has recently declared a recession, and its industrial future is on the edge of an abyss. The United States has been grappling with issues of inflation, the debt ceiling, and the effects of war. Looking at Latin America, things are not good either. In addition to economic problems, countries like Ecuador and Peru are facing governance issues, among others.
Meanwhile, in Mexico, things are not perfect, but the macroeconomic data are very positive: historic levels of foreign direct investment (ranked eighth worldwide), healthy international reserves (US$200.62 billion), growing remittances (US$13.948 billion for the first quarter of 2023), a strong peso, sound financial health of the government (no public debt acquired to confront the pandemic), tourism recovery to 2019 levels (38.3 million international tourists in 2022), historically low unemployment rates (2.7%), and a 135% increase in the minimum wage over the past five years.
On the other hand, while many people disagree with President López Obrador’s projects in the southern part of the country, the construction of the Tren Maya, the Transoceanic Corridor, the Dos Bocas refinery, and the Tulum Airport are already underway. Whether we like it or not, these macro projects will definitely change the course and economic development of the country, and governments will have to deal with the environmental and social impacts these projects will leave behind.
Because of governmental decisions, geographical and economic circumstances, some stroke of luck, or whatever the reason may be, Mexico has an unusual economic perspective. While many Mexicans believe that we are in the worst of times and transitioning to communism, the reality is starkly different. For Mexico, the global readjustment is favorable. For example, the impact of nearshoring is a reality, making Mexico one of the most attractive countries on the planet for investment, particularly for China, the United States, and Europe.
From my point of view, Mexican citizens find themselves in the midst of two hollow political propaganda campaigns: the government defending its policies, and the opposition obsessing over President Lopez Obrador. It seems that for politicians and the media, there is nothing else in the country beyond defending their own interests as if the world will end in the 2024 elections.
Our problem is that public officials and politicians are not offering any proposals regarding the current political and economic situation awaiting our country. The furious media outlets have no other topic beyond the presidency. The question is, what are we Mexicans going to do once López Obrador goes to his ranch in Tabasco next year?
Certainly, by the end of 2024, we will not wake up in a communist state nor will we be in economic and social distress. However, with political groups lacking ideas, proposals, and long-term national projects, and with mean-spirited and unethical media, we are ensuring that we will continue to suffer from the same old problems.
Once López Obrador is gone, we lose our favorite scapegoat for all the country’s problems. It is in the citizens’ best interest to start reviewing the work of mayors, governors, and local congress members. At the same time, we must demand that politicians provide proposals and government programs that align with the multiple realities of a complex country like Mexico.
The geopolitical and economic circumstances are very favorable for the coming years. However, we citizens must be more attentive and detach ourselves from political propaganda filled with lies and half-truths that truly distance us from a correct understanding of what Mexico’s future requires.
