Mexico overthrows Spain as the main Spanish-speaking economy in the World Economic League

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The end of the year has given a lot of talk in economic spheres, it was announced on December 27 that Mexico will close the year with the news that by 2023 will be the largest Spanish-speaking economy in the world, surpassing Spain in the ranking.

The International Monetary Fund (IMF), as well as the updated forecasts that the agency has made public in recent weeks, announced that the Mexican economy intends to close the year 2023, being the fifteenth (15th) biggest of the world.

Currently, that position is occupied by Spain, so Mexico will outpace the mother country, positioning itself as the largest Spanish-speaking economy.

According to the Center for Economic and Business Research (CEBR), Spain ends 2022 occupying the sixteenth largest economy in the world, historically surpassed by Mexico after 20 years and 2 positions after last year.

The Mexican economy will remain throughout 2023, until 2037, in the same position as the projections; except for the year 2027, when Mexico is expected to change its position with the mother country again.

According to Forbes, “in summary and based on these aforementioned forecasts, the Mexican economy, with a GDP that could exceed 1.42 trillion dollars, would end up surpassing the Spanish economy this year, which aims to register a level of GDP that would be at 1.39 trillion”.

Displacing Spain in this ranking is not the first time, since in 2002, Mexico occupied the same position as now, considering that the country’s wealth was valued at 772 billion dollars, half that of now, and Spain had with a GDP of 708 billion.

It took 20 years for Mexico to position itself as the fifteenth (15th) largest economy in the world.

It should be noted that, worldwide, the economy closes in 2022, exceeding 100 trillion dollars for the first time, so it is expected that by 2037, the global Gross Domestic Product (GDP) will reach 207 trillion dollars.

With these data, Europe is expected to represent less than a fifth (19.4%) of world GDP in dollars, compared to the 21.9% expected in 2022 and 33.8% 15 years ago.

On the other hand, the United States remains at the top of the 2022 ranking, counting on its position, until the end of the forecast horizon, to be outdone by China.

It is expected that by the year 2037 Europe will only have Germany (5), the United Kingdom (6) and France (7), within the top ten positions of the largest economies in the world, as a reflection of the progressive loss of European weight.

According to the IMF report, “India will rise from fifth position in 2022 to third in 2037, while Japan will retain fourth position. Likewise, Brazil will rise to the eighth position by 2037 from the twelfth this year; South Korea will finish ninth, up from 13th in 2022; and Canada will drop to tenth position in 2037 from eighth in 2022.

Source: EnsedeCiencia