Mexico did not enter the top 10 of the 2023 world GDP ranking; However, several countries ‘surprised’ with their high economic growth.
The International Monetary Fund published its global ranking of the world’s richest countries in 2023. For this classification, the Gross Domestic Product (GDP) is taken into account, which allows the IMF to list the nations of the world according to the economy of each one.
According to the International Monetary Fund’s 2023 ranking and taking into account only the GDP of each country, these are the top 10 richest countries in the world
United States
China
Japan
Germany
India
United Kingdom
France
Italy
Canada
Brazil
Where do Mexico and other Latin American countries stand?
As can be seen, Mexico does not enter the 10 countries with the largest GDP; However, it is not far from the select group.
Mexico’s GDP ranks 14th, below the economies of Russia, Korea, and Australia, which rank 11th, 12th, and 13th, respectively.
In that sense, Brazil is the only country whose GDP is higher than Mexico’s; however, other Latin American nations that appear in the 2023 ranking of the richest countries in the world by their Gross Domestic Product are:
Argentina – 23rd place
Chile – site 43
Colombia – 45th place
Peru – 48th place
Ecuador – 62
Dominican Republic – 62
Puerto Rico – 64
Mexico’s GDP
During the first three months of 2023, Mexico grew economically to add six consecutive quarters of growth, according to the timely estimate of GDP by the National Institute of Statistics and Geography (Inegi).
The Mexican Institute of Finance Executives (IMEF) announced that it modified the expectation of the Gross Domestic Product for 2023 in Mexico from 1.4% to 1.5%.
What is GDP?
The Gross Domestic Product, or GDP, which measures the monetary value of final goods and services, which are purchased by the end user, produced in a country in a given period of time (e.g., a quarter or a year). Thus, it totals the production of a country’s goods and services in a given period and is taken as an indicator to reflect the wealth of a region.
The Organisation for Economic Co-operation and Development (OECD) defines GDP as “an aggregate measure of output equal to the sum of the gross aggregate values of all resident and institutional units engaged in production and services (plus taxes and fewer subsidies, on products not included in the value of their products).
It is one of the most well-known and widely used forms of registration in economics, and, among other things, it helps governments know how much they are going to receive in taxes and, therefore, how much they can spend on services such as health and education.