MexicoEconomyThe momentum is strong, for several consecutive quartersYear-over-year growth rateare more than 3%, and in the first three quarters of 2023, it has reached 3With a growth rate of 4%, this is more than three times higher than South Korea's growth rate. MexicoEconomyThe recovery was fast and started earlier, compared to South KoreaEconomyIt seems to have just bottomed out**. This positive growth trend is closely related to a combination of factors, such as the high level of inflation in Mexico and the appreciation of the peso exchange rate.
Mexico's nominal GDP in the first three quarters of 2023 surged to $1,317.4 billion in dollar terms, compared to South Korea's $1,267.1 billion. Mexico's success in overtaking South Korea is undoubtedly a huge blow to South Koreans, who have been immersed in self-confidence. There is no doubt that this will make them feel frustrated and discouraged.
At its peak before the pandemic, South Korea's GDP was among the top 10 in the world. However, with Russia, Brazil and Australia and other three largeEconomyThe body has not yet been announcedEconomyTranscript, South Korea's GDP ranking may slip further and even fall to 14th place. This is undoubtedly a huge blow to some self-confident South Koreans.
It's worth mentioning that Mexico's upturn isn't just becausedomestic economyThe strong recovery has also benefited from the worldEconomyImproving growth prospects. Mexico's export demand has recovered due to an increase in orders for semiconductors, tourism has gradually recovered, and national consumption has continued to growEconomyDevelopment provides support. At the same time, inflation in Mexico is relatively well controlled compared to Europe, which is also the world'sEconomyGrowth brings a positive signal.
Compare South Korea, MexicoEconomyThe performance is impressive. However, South Korea has not been crushed by this disappointment, and the central bank has maintained a restrictive policy stance and expressed optimistic signals for positive growth. South Korea's Ministry of Strategy and Finance said that in the second half of the year, South Korea'sEconomyThe momentum of development will be more sufficient, which is obviously different from the relatively sluggish situation in the first half of the year. South Korea is also expected to achieve this throughout 2023EconomyThe growth rate expanded to 14%, with the possibility of further improvement to 21%。
In short, Mexico is inEconomyThe fact that the recovery has outperformed South Korea is undoubtedly a warning to the South Korean people. However, South Korea is not discouraged and discouraged by this, they still maintain an optimistic attitude and believeEconomyThe momentum of growth will continue to improve. Whether it's South Korea or Mexico,EconomyDevelopment requires unremitting efforts and innovation, and there is no doubt that the road ahead will be full of challenges, but also opportunities. For South KoreaEconomyThis is a moment to move towards a new starting point, and no matter what difficulties and challenges they face, Koreans will continue to move forward bravelyEconomyDevelopment is constantly striving. Mexico's success has also taught Koreans a valuable lesson, that is, to remain humble and calm, and to keep learning Xi and improving, in order to compete in the fierce competitionInternationalCompetitive neutrality is invincible.