Mexico

In 2018 Mexico’s economy ranked second in Latin America and 15th in the world in terms of GDP, which totalled $1.22trn, according to the World Bank. In 2019 the newly elected President Andrés Manuel López Obrador has pushed ahead with efforts to meet his pledge to tackle corruption and implement austerity measures within the government, to reduce costs and curb excessive expenditures.

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While solar and wind are the dominant segments in the transition to renewables, a number of emerging markets are looking to geothermal sources as a way to meet future energy needs.

How are energy companies aligning their growth with environmental, social and governance (ESG) standards?

The Covid-19 pandemic has underscored the need for companies in Mexico and further afield to invest in digital processes and tools to increase their competitiveness and respond to market demands more effectively. 

Mexico has implemented fiscally restrained adjustments in response to the pandemic, focusing on monetary policy and the redistribution of federal budgets rather than new loans from multilateral institutions such as the IMF.

As Latin America continues its economic recovery from Covid-19, countries in the region are increasingly looking towards the circular economy as a platform for sustainable future growth.

In early 2020 the global economy faced a historic oil price drop in conjunction with global restrictions that curtailed transport and economic activity – both of which depressed demand for hydrocarbons at the national and global level.

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