The year 2022 is almost over, and it is natural to wonder what the Mexican economy will look like in 2023. Discover some of the considerations that are expected for the coming year.
Economic growth in Mexico
To begin discussing economic forecasts, it is necessary to state that this country will continue to be affected by global inflation and the economic consequences of the ongoing conflict between Russia and Ukraine.
This translates to a period in which the global PIB growth rate has slowed in comparison to current forecasts.
Economic forecasts for 2023
The OCDE forecasted a 2.1% increase in PIB growth for Mexico in 2022, and a 1.5% increase in 2023.
It is important to note that the Mexican economy will not be the only one to experience a slowdown in growth. The problem is global, because the same figures show that global growth is expected to be 3% in 2022, and to fall to 2.2% in 2023.
However, returning to the local context, Fitch reduced its economic growth forecast for Mexico for 2023, forecasting only 1.4% and being impacted, among other things, by an increase in the monetary policy rate, which could reach 10% by the end of the year.
This contrasts with the government’s projection of 3% growth for the Mexican economy in 2023.
Factors That Will Influence
Apart from the Ukraine situation, there are other factors that could affect Mexico’s economic performance in 2023.
Highlighting the possibility of a mild recession in the United States, a drop in export demand due to slower global growth, and the fact that the country is still recovering from the toxins that caused the pandemic two years ago.
Now, more than ever, businesses must nurture their growth and consider commercial credit options that will allow them to invest in their growth and move forward in the face of financial complexity.
If you are a business owner, this internship will help you support your customers by gaining access to credit while also growing your business.
CRiskCo’s API SAT seeks to simplify and secure the credit-granting process for financial institutions and service providers.
With such tools, users can obtain immediate access to their financial data, real-time financial information, and the risk that these transactions may represent. It is even possible to obtain a project analysis, thanks to machine learning, that demonstrates the feasibility of providing the requested funding.
It is easier to adapt products and services to the capabilities of potential customers this way. Everything is based on their current state and future plans.
Try CRiskCo’s API SAT and prepare for the situation that will arise in 2023 by making decisions based on accurate information at the time of credit granting.
Join our newsletter and stay up to date!