MEXICO CITY, Feb. 21 (Xinhua) -- Mexico needs a "comprehensive reform agenda" to boost investment and economic growth, the Organization for Economic Cooperation and Development (OECD) said Monday.
The OECD Economic Survey of Mexico noted that more robust economic growth and more jobs, combined with increased social spending, would help reduce poverty and improve social cohesion.
"Mexico has great potential to become a high-growth economy, with higher living standards for all," said OECD Secretary-General Mathias Cormann when presenting the study during a virtual event.
"An ambitious and comprehensive reform agenda will be needed to turn this opportunity into reality," added the head of the OECD at the event, which Mexican Finance Minister Rogelio Ramirez de la O also attended.
The OECD said that Mexico should prioritize reactivating private investment and reversing low productivity to improve growth potential in the medium term.
According to the OECD, the country needs to improve business regulations, boost competition, reduce informality and corruption, and step up efforts to meet greenhouse gas emission targets.
In his speech, the Mexican finance minister said the government has launched a comprehensive strategy that ensures greater economic development while prioritizing social demands.
According to the minister, the initiative seeks more significant investment in infrastructure projects, the creation of a universal welfare network and the consolidation of public finances.
The OECD estimated that Mexico's economy would grow 2.3 percent in 2022 and 2.6 percent next year.
According to preliminary figures, the Mexican economy, the second-largest in Latin America after Brazil, grew by 4.8 percent in 2021, after plunging 8.2 percent in 2020 due to the COVID-19 pandemic. ■