1 It's a newly industrialized country
Mexico is considered a newly industrialized country. This means that it lies somewhere between developing and developed countries.
2 It's still on its way
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.
3 GDP per capita must be $35,000
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.
4 High levels of corruption
The high level of corruption in Mexico, even among the police officers, is preventing the country from being truly developed.
5 Violence and crime
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.
6 High poverty
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.
7 It needs structural reformations
According to Carlos Mota, a journalist specializing in business, Mexico needs a structural reform of its institutions before it can become a developed country.