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.

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