HR Ratings forecasts a 2.3% growth for Mexico in 2024, driven by higher wages, increased employment, and public spending.
Chief Analyst Felix Boni believes President López Obrador will end his term with positive economic gains next year.
This year, consumer spending and the thriving construction industry propel economic growth.
Government projects like the Mayan Train amplify the construction sector’s impact.
However, Boni points out, exports to the U.S. have slowed, affecting the external sector. Changes in U.S. consumer habits are a major reason for this decline.
Mexico mainly counts on the U.S. as its key business ally. For 2023 and 2024, the government anticipates a 2.5% to 3.5% economic growth.
Background
In this context, the projected growth appears modest but stable. Boni suggests that the focus is on sustainable increases rather than spectacular numbers.
Many countries show similar modest growth, which underscores the global economic atmosphere. Ending the presidential term with steady growth is a good sign for Mexico.
It’s worth noting that consumer habits in the U.S. can sway Mexico’s economy. Given the close trade relationship, any changes in the U.S. market can ripple into Mexico.
Therefore, keeping an eye on U.S. trends is essential for economic planning.
The construction sector also deserves attention. Projects like the Mayan Train can offer a dual benefit. Not only do they boost the economy, but they also create jobs.
This aids in stabilizing the economic climate.
The government’s growth estimates for the coming years show optimism. They project even higher numbers than HR Ratings, setting expectations for the populace.
Mexico’s economic outlook for the next few years is cautiously optimistic, grounded in analysis and bolstered by public spending.
That is why López Obrador eyes a positive economic closure for term.
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