Mexico’s 2024 Economic Outlook: Steady Growth Expected

Mexico’s economy, mainly fueled by increased private consumption and investment, is set to maintain its upward trend in 2024.

The Mexican Institute of Finance Executives (IMEF) confirmed this in their latest monthly report.

IMEF President José Domingo Figueroa shared these insights. He explained that the economy is likely to keep growing, especially in production.

He also expects inflation to stay under control. Figueroa noted that after a surprisingly strong 2023, Mexico enters 2024 with a solid economic foundation.

He pointed out that investments and a falling inflation rate are key drivers.

IMEF members believe that internal spending and local investment will continue to strengthen Mexico’s economy.

This is true even if the United States’ economic growth slows down. Figueroa highlighted the services sector’s growth, especially in tourism and dining.

The organization predicts a 2.4 percent growth for Mexico in 2024, with a slight decrease to 2.0 percent in 2025.

Figueroa mentioned that elections in many countries, including Mexico and the United States, will take place in 2024.

He warned that U.S. politics might affect Mexico’s currency value, depending on how candidates discuss relations with Mexico.

Additionally, global conflicts remain a concern, particularly in the Middle East. This viewpoint comes from IMEF, which includes financial experts from top Mexican companies.

In 2022, Mexico, Latin America’s second-largest economy after Brazil, saw a 3.9 percent increase, as per the National Institute of Statistics and Geography (INEGI).

The Mexican Government expects the economy to grow between 2.5 and 3.5 percent in 2024.