Moody’s raises economic growth projection for Mexico from 3.3 to 3.5% – El Sol de México

The rating agency Moody’s reported this Wednesday that it revised upwards its economic growth projection for Mexico for this year and 2024 due to the strong productive activity recorded.

Moody’s now expects the Mexican economy to rebound 3.5 percent from the previous 3.3 percent in 2023 and 2.3 percent next year from a previous projection of 1.9 percent.

“Repeated positive surprises justify upward revisions to Mexico’s growth projections,” the rating agency said in a report, adding that it expects real GDP growth to average between 2.0 percent and 2.5 percent in 2025, due to the consolidation of “nearshoring”.

“Strong economic activity has been driven in part by strong investment, the completion of unfinished projects and nearshoring,” Moody’s noted in its report.

The International Monetary Fund (IMF) and the World Bank also raised Mexico’s growth forecast for 2023 to 3.2 percent in October, noting that it will grow above the Latin American average.

The national economy grew 0.9 percent in the third quarter, above expectations, and at a year-on-year rate of 3.3 percent, marking 10 consecutive quarters of expansion.

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The federal government estimates growth of at least 3.5 percent for 2023 and 2024.

2023-11-08 19:01:07
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