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Mexico sees improvement in economic performance but at a low pace, warn experts

Mexico’s economy has performed better than expected, but its expansion rate is still low, the Mexican Institute of Finance Executives (IMEF) estimated yesterday, Tuesday.

The organization’s national president, José Domingo Figueroa, highlighted in a virtual press conference that IMEF members raised to 1.8 percent, from 1.5 percent, the forecast for the Mexican economy’s 2023 growth.

The Mexican economy, he explained, remains in a growth zone given that the expected recession in the United States has yet to materialize.

“The much-feared recession in the United States is not yet occurring; quite the contrary, with a few exceptions, the U.S. economy is growing and permeating into the Mexican economy via remittances, tourism, and manufacturing,” he said.

IMEF, Mexico sees improvement in economic performance but at a low pace, warn experts

“Investments are coming in, and industrial park developers are working hard,” he added.

However, the most recent indicators of industrial activity and the number of people insured in the social security system showed weak readings.

Meanwhile, Figueroa says that public finance figures are beginning to show very sharp drops in revenues.

At a global level, the risk of problems in the U.S. banking sector and the conflict in Europe still prevail.

IMEF estimates economic growth for Mexico at 1.8 percent in 2024.

The Mexican economy, the second largest in Latin America after Brazil, will grow 3.1 percent in 2022, down from the 4.7 percent expansion observed the previous year.

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