Wednesday, November 30, 2022

IMF growth forecast reduced to 1.7%

The International Monetary Fund (IMF) has cut its growth outlook for Mexico to 1.7% this year and 2% next, a decline of 0.6% for both years.

The fund said today that Mexico’s economy would grow less than expected this year due to changes in U.S. monetary policy, indications of trade protectionism in Washington and a decline in optimism at the local level.

More restrictive financial conditions and unfavorable headwinds will result from its newly uncertain relationship with its northern neighbor, the IMF said.

The fund maintained its global economic growth forecast at 3.4% but raised that of the U.S. from 2.2% to 2.3% this year, anticipating its economy would grow faster than previously expected due to tax and spending plans of the incoming Donald Trump administration.

The new growth forecast for Mexico follows several cuts in recent years, the last one being in November.

It follows another pessimistic forecast, this one from the World Bank, which last week made a downward adjustment to its 2017 outlook for Mexico, from 2.8% to 1.8%.

Source: El Economista (sp), Reuters (en)

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