Compare and contrast the economies of Mexico and Argentina?
Argentina’s economy is the 22nd largest in the world with a GDP of 709.7 billion dollars. It is currently experience a growth rate of about 8% per year and the per capita income is around $17,400, which ranks 69th in the world. It is a service-based economy, with 60% of its GDP coming from that sector, and 30% of its population lived below the poverty line. It is currently spending at a 2% deficit rate. It’s key exports include agricultural products, motor vehicles, printing equipments, petrochemicals and steel.
Mexico’s economy is the 12th largest in the world with a GDP of 1.6 trillion dollars. It is currently experiencing an annual growth rate of about 4% and the per capita income in the country is around $15,000, which ranks 81st in the world. It is also a service based economy with 63 percent of its GDP based in the service industry. 18% of the countries population lives below the poverty line. It is currently spending at a 2.5% deficit rate. It’s key exports are agricultural products, tobacco, iron and steel, petrochemicals and consumer durables.