Due to the effects of the covid pandemic and the outbreak of armed conflicts in several regions of the world, the geopolitical environment has changed, causing severe effects on the global economy, generating the fracture of production chains. In Mexico, it has not been the exception. In this context, the role that the Mexican State has played has been transcendental in generating policies that stabilize the economy. During the last five years, a significant appreciation of our currency has been observed. In 2018 the exchange rate was 20.3 pesos per dollar, while at the end of 2023 it has reached up to 16.98 per unit. Likewise, in 2018, 41.9% of the population lived in poverty; by 2022 this has been reduced to 36.3%.
The minimum wage has historic growth. In 2018 it was 88.15 pesos, for next year it will increase to 248.93 pesos per day. In this way, a worker received 2,644 pesos per month, in 2024 he will receive 7,467 pesos per month. It is worth noting the importance of supporting the social economy and the important role of welfare programs that have provided the most vulnerable population with access to a more dignified life.
Our economy is not only stable, but also showing strong growth momentum. In Mexico, in 2023, 173,257 formal jobs have been created in October 2023, exceeding 22.3 million workers registered in the Mexican Social Security Institute (IMSS), marking a new record for the second consecutive month this year. In this way, the Mexican economy adds 929,794 jobs created in the first 10 months of this year, with an accumulated interannual increase of 3.2%. According to estimates made by the Economic Commission for Latin America and the Caribbean, in the Central American region, Mexico has grown 3.5% and by 2024 it is estimated to grow at least 2.7%.
In this balance, it must be recognized that restoring peace in the country is a pending issue. Insecurity erodes the social fabric with direct implications for society, politics and the economy, however, it must be recognized that high-impact crimes have been reduced: intentional homicides by 21.8%, kidnapping crime by 79.5% and a 43.8% fewer vehicle thefts if we compare 2018 with 2023.
2024 could be the year where Mexicans will have to choose between the continuity of the transformation of the Republic or a project antagonistic and opposed to the legitimate needs and desires of the people.