A vendor wearing a face mask waits for customers at a wholesale food market amid the COVID-19 outbreak in Mexico City, Mexico, on June 18, 2020. (Photo by Francisco Canedo/Xinhua)
In its updated monthly forecast, the IMEF upgraded expected economic growth in 2022 from 1.9 percent to 2.5 percent, but lowered it for 2023, from 1.2 percent to 1.1 percent.
MEXICO CITY, Nov. 15 (Xinhua) -- Mexico's economy is facing risk from an expected U.S. economic slowdown, as well as global inflation and central bank monetary policies, the Mexican Institute of Finance Executives (IMEF) warned Tuesday.
In its updated monthly forecast, the IMEF upgraded expected economic growth in 2022 from 1.9 percent to 2.5 percent, but lowered it for 2023, from 1.2 percent to 1.1 percent.
"Among the most important factors for Mexico's economic growth in 2023 is the U.S. economy's performance, which is expected to have a significant slowdown," IMEF President Alejandro Hernandez said at a press conference.
During October and November, global financial markets showed "exacerbated" volatility, with strong adjustments in asset prices due to inflation and central bank monetary policies, he said.
"This uncertainty is likely to continue over the coming months, so we expect high volatility in financial markets to persist," Hernandez said.
Mexico's 2023 economic growth will also depend on the "degree of tightening" of monetary policy in the United States and Mexico to contain inflation, and on the regional relocation of suppliers for the U.S. market, he added. ■
