Our Navigator research provides you with valuable insights and opinions from businesses around the world. As part of that research, we asked more than 10,000 business decision-makers across 39 markets, countries and territories to tell us how the current crisis has affected them and changed their plans for the near to mid-term future.
The first wave of COVID-19 in the spring hit Mexico’s economy hard. The suspension of all non-essential production in April and May affected most sectors. And while the gradual re-opening of the economy created an initial bounce, inflation remains stubbornly high and recovery looks uneven across sectors. Unless exports recover faster than predicted, we expect this to translate into weaker consumption and investment. In this context, the government’s 2021 Economic Program, announced days before our 2020 Navigator survey went live, currently seems optimistic.
Companies in Mexico have reacted well to the difficult conditions this year. More than nine in ten are either adapting or thriving in the new normal, as evidenced by the 98% that have made changes to their supply chain. And almost twice as many are thriving compared with less than a quarter seen globally or across North America.
Nonetheless, their expectations of growth have lowered since last year. And while Mexican companies remain more positive on international trade, the majority feel that it has become more difficult and will continue to be so in 2021.
To meet their challenges, Mexican companies are investing in growth drivers such as new products and services, digital platforms and channels and the customer experience.
|Adapting to a changing environment||47%||58%|
|Thriving in the new normal||44%||24%|