MEXICO CITY (appro).—Economists from the private sector improved their economic growth forecast for Mexico from 2.0% to 2.3% in 2023, revealed the Bank of Mexico (Banxico).
According to the results of the Survey on the expectations of specialists in the economy of the Private Sector, corresponding to June of this year, applied by the central bank, by 2024, the Gross Domestic Product (GDP) of the country will slow down to 1.5 percent. hundred.
For most of the 36 economic analysis and consultancy groups of the national and foreign private sector consulted by Banxico, the inflation forecast was reduced from 5.02% to 4.67% for this year. While the Interbank Interest Rate will be located at 11%, for which further cuts are expected throughout 2023.
Private economists predicted greater strength of the peso against the dollar so that the exchange rate is located at 18.33 pesos for each greenback, when in the previous survey they forecast 18.96 units per dollar.
On the other hand, the specialists considered that the main factors that could slow down the country’s economic growth at a general level are associated with governance (52% of the responses) and internal economic conditions (16%).
At a particular level, the main factors are: public insecurity problems (20% of responses); other problems of lack of rule of law (12%); the absence of structural change in Mexico and corruption (with 7%, respectively); the weakness of the external market and the world economy; impunity; the internal political uncertainty and the monetary policy that is being applied.
Likewise, the survey showed that the fraction of analysts who believe that the business climate will worsen in the next six months decreased in relation to the previous survey.
The proportion of analysts who believe that the economy is currently better than a year ago increased in relation to May and is the predominant one, in the same way as in the previous month.
Finally, the percentage of specialists who think that it is a bad time to make investments decreased with respect to the previous survey.
On the contrary, the fractions of analysts who believe that it is a good time to invest and those who are not sure about the current situation increased in relation to the previous month, the latter proportion being the preponderant one on this occasion.
