Mexico Needs to Raise Productivity of Informal Workers - Secretary of Treasury

Open-Air Markets are a big part of Informal Economy (Photo: Oswaldo Ramírez)

Milenio: Antonio Hernández

Mexico City • Luis Videgaray, Secretary of the Treasury, stated that it is necessary to develop an agenda to raise the productivity of the majority in the entire country, as it is now the most urgent challenge to spur economic growth.

"Productivity and its democratization is the biggest challenge, beyond the economic situation. It is a key objective of the National Development Plan," he said.

During the forum "Prosperous Mexico," the official said that informality is one of the aspects that most affects productivity, as a company in the informal sector is 45 percent less productive than one in the formal economy. [MV Note: Close to 60% of Mexico's Workers Are In Informal Economy.]

Videgaray emphasized that an economic transformation is needed to reduce raw material costs and, consequently, to boost the country's productivity. Spanish original