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HomeWORLDPrivate analysts upgrade Mexico's 2023 GDP growth forecast to 1.6%

Private analysts upgrade Mexico’s 2023 GDP growth forecast to 1.6%

Mexico’s central bank cuts 2022 economic growth forecast.. Image Source: IANS News

Mexico City, May 3 : A survey by the Bank of Mexico (Banxico) revealed that private-sector financial analysts have upgraded the country’s economic growth forecast for 2023 from 1.4 per cent to 1.6 per cent.

For 2024, analysts downgraded expected growth in Mexico’s GDP from 1.8 per cent to 1.7 per cent on average, according to the bank’s survey of analysts at 37 financial groups.

The Mexican economy, Latin America’s second-largest after Brazil, grew 3.1 per cent in 2022, down from the 4.7 per cent growth the previous year, reports Xinhua news agency.

On inflation, analysts lowered their earlier forecast for the year, from 5.15 per cent to 5.05 per cent, according to the survey carried out on April 19-27.

Mexico closed 2022 with inflation at 7.82 per cent, its highest level in two decades, driven by global price hikes caused by the Covid-19 pandemic, among other factors.

Banxico has set target inflation at 3 percent, with a 1 percentage point margin above or below that figure.

Regarding the Mexican peso, analysts expect the national currency to trade at 19.13 pesos to the US dollar by the end of the year to close stronger than the 19.44 pesos to the dollar they had previously projected a month ago.

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