Mexico would be an economic superstar without corruption

11/11/2015 Associated Press

Pesos by Flickr user AleiexMexico is losing billions of dollars to corruption that could instead be pumping the country’s slowing economy.

Corruption could be costing Mexico some $890 billion pesos a year ($53 billion), or 5% of the country’s GDP, according to calculations by the Mexican Institute for Competitiveness (IMCO in Spanish.) The think tank, which released a report dubbed “Corruption in Mexico: We Cheat and We Don’t Advance” on Nov. 9, said that amount would cover three times the budget of Mexico’s department of education and nearly eight times the spending by Mexico’s poverty-fighting agency.
Ary Naim, Mexico manager for the World Bank’s International Finance Corporation, puts the scale of corruption at 9% of GDP, based on estimates compiled in another report on the topic his office told Quartz.
“It’s a massive thing,” Naim said during a summit organized by The Economist magazine on Nov. 5, according to Mexican newspaper El Financiero. “Mexico has not made any progress in this area in recent years.”

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