During a panel discussion about the future of the luxury market, Ferrari North America CEO Marco Mattiacci made a bold statement.
"Mexico is the next China," Mattiacci said, according to Forbes. “We see indicators that lot of manufacturing is moving back to Mexico.”
Mattiacci touted Mexico’s “absolutely outstanding” quality of education and said the country was aided by its proximity to the U.S.
“Plus there has been a change of government,” he said.
Economic indicators show the Ferrari leader's comments may not be a hyperbole.
Mexico's manufacturing exports lead Latin America, and in fact its trade as a share of Gross Domestic Products tops China. Time Magazine said it ranks No. 53 on the World Bank's ease of doing business rankings, which is far greater than its largest regional rival, Brazil, ranked No. 126.
Mexico's average annual GDP growth was nearly 4 percent in 2012, and is expected to continue to grow at about 3.3 percent a year through 2018, according to the World Economic Outlook database.
That is big growth compared to 2 percent average annual growth the border nation had from 2000 to 2010.
But in a neck to neck battle with China, there are similar economic indicators that make Mexico's future look paltry compared to the giant in the east - China.
* China's projected real GDP growth in 2012 was 7.8 percent, nearly double that of Mexico. China's average annual GDP growth is expected to be double that of Mexico through 2018, hovering at 8.5 percent a year.
* The rate of inflation in Mexico (4.6%) was nearly double China's (2.4%) in April.
* Real GDP growth in Q1 of 2013 in Mexico was 1.8 percent compared to 6.6 percent in China and 2.4 percent in the U.S.
Finally, if debt is any indication of future growth - Mexico does have a hand up on the United States.
Currently, Mexico's debt is about 43.5 percent of its total GDP. The United States has more than double the debt as a percentage of their GDP (106.5 percent).
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