Canada and Mexico are similar for exports, where 75% of their exports are to the United States. Also, the value of the exports are close.
In 2021, Mexico and the US imported more than exported. The Mexican economy is rapidly changing with an increase in manufacturing. This will increase the amount of goods being exported
Post pandemic the inflation rate is high for all comparative countries, as the supply chain rejuvenates the costs of goods and services will increase and so will individual purchasing power.
The United States’ GDP per capita continues to increase and be the strongest compared to Canada and Mexico. Mexico has remained constant over the years.
From 2010 to 2023 Canada and the US grew 14% where Mexico’s growth was 7%. The Mexican peso and economy continues to grow stronger, which will increase the population.
Mazatlán has a population of 477,729 (2023) with an expected increase to 483,105 in 2030. A modest population growth prediction given Mazatlán has strong tourism and agriculture sectors. Canada is expected to grow the most in population (1.8%) compared to USA (.04%) and Mexico (.06%)
Mexico has the lowest minimum wage in comparison to the US and Canada. Mexico’s minimum wage is 80% lower than the US.
The estimated total global unemployment in 2022 was 192 million. Projections indicate that global unemployment is expected to decrease further to 5.3 per cent in 2023, equivalent to 191 million people. Mexico has the lowest unemployment rate compared to the United States and Canada, signifying that it has a healthy economy.
The average income is the lowest in Mexico which means it has an affordable labor force.
Mexico has the lowest central government debt compared to Canada and the USA.
Tax rate, percent of commercial profits, 2019: The average for 2019 based on 22 countries was 41.37 percent. The highest value was in Puerto Rico: 64.4 percent and the lowest value was in Canada: 24.5 percent. Mexico is high in their commercial tax rate which is due to a lower residential tax rate to support their economy.
The individual tax burden for Mexicans is approximately half of Canadians and Americans.
Mexico had the highest container growth at 73% from 2010.
With significant rail infrastructure being built this area will grow quickly for Mexico. Currently it is the lowest in Mexico compared to Canada and the United States.
The United States overwhelmingly travels the most by air.
With the new T-MEC Corridor (rail system Canada/USA/Mexico) a significant increase in passenger rail use will increase for Mexicans.
Canada has the oldest population and Mexico has a very young population which bodes well for Mexico for production of goods and services. Canada and the US are already struggling to find workers. Mexico meets the needs for labor supply because it is a young and educated workforce.
Mexico has the highest percentage of females compared to the USA and Canada.
Mexico has the highest birth rate which is favorable for future labor force replacement.
The United States has the highest death rate. Canada the lowest and Mexico in the middle.
Mexico's cost of living is significantly lower than USA and Canada, cheaper to produce goods and services.
Mazatlán and Mexico have a higher literacy rate than the USA.
The US, Canada and Mexico are well educated countries with approximately 16 years of education. Public universities in Mexico are mostly free for Mexican nationals.
© 2023 Created by Black Swann Consulting with Royal Elementor Addons
