Mexico is considered a newly industrialized country. This means that it lies somewhere between developing and developed countries.
Many analysts believe that Mexico is moving with a good speed towards becoming a developed country and some suggest that it will be among the top 5 economies in the world by the year 2050.
In order for Mexico to qualify as a developed country, the GDP per capita must be around $35,000. According to Investopedia, the GDP per capita was around $17,276 in 2016. Mexico has a higher GDP per capita than many other countries but the number is still below that of the developed world.
The high level of corruption in Mexico, even among the police officers, is preventing the country from being truly developed.
The high crime rate, related to drug trafficking, in Mexico is a challenge to growth. Many businesses are not able to operate properly in the presence of such a high crime rate. See why Mexico is dangerous.
Even though Mexico is classified as a country with good GDP per capita, there are still areas with extreme poverty. Income inequality is one of the problems challenging the growth of Mexico.
According to Carlos Mota, a journalist specializing in business, Mexico needs a structural reform of its institutions before it can become a developed country.