According to Gabriel Yorio, the Undersecretary of the Treasury, Mexico’s economy has the potential to achieve over 3% growth in 2023, with no current signs of an impending recession.
This statement was made during the presentation of the “Reports on the Economic Situation, Public Finances, and Public Debt for the Second Quarter of 2023”.
Mexico’s economy has experienced 10 consecutive quarters of growth with a strong balance. Yorio stated that the probability of a global recession has decreased, showing confidence in the country’s economic state.
The global economy is displaying robustness, driven by a well-performing service sector and strong job creation in advanced economies, amidst a backdrop of high-interest rates and geopolitical conflicts.
Furthermore, inflationary pressures worldwide have continued to decline, supported by the reestablishment of supply chains and lower energy and raw material prices.
Yorio emphasized that Mexico’s economy possesses both internal and external strengths, predicting a moderate growth into 2024 rather than a contraction.
Mexico’s economy, Latin America’s second-largest after Brazil, grew by 3.0% in 2022.
Private analysts consulted by the central Bank of Mexico (Banxico) anticipate Mexico’s economy to grow by 2.30% in 2023 and 1.50% in 2024, due to a predicted slowdown in the United States.