Rodrigo Mariscal, chief economist and head of the economic planning unit of Mexico’s finance ministry, has stated that his nation’s economic forecast for 2023 is looking better than what many economists had predicted. Currently, the forecast falls in line with the 3% growth that the government expected in its September budget.
Official data released on Friday showed that Mexico’s economy grew by 3.1% in 2022. This is despite a fourth-quarter slowdown to 0.5% growth after a third-quarter growth of 0.9%.
Mariscal, who helps develop the economic forecasts used by the government to draft its budget document, stated that the forecast is expected to remain mostly the same in the 2024 budget that is now being prepared.
The country’s economic growth is largely tied to that of the United States, which is by far its largest trade partner. This means that both nations’ elections in 2024 will have an impact on Mexican economic activity.
Preliminary data showed that foreign direct investment in Mexico rose 12% last year to reach $35.3 billion.