IMF boosts Mexico's 2023 economic growth projection to 3.2%

Posted on October 6, 2023   |  

IMF has revised Mexico's 2023 growth forecast to 3.2% from 2.6%.

The 2024 outlook indicates a 2.1% economic expansion, up from the earlier 1.5% prediction.

By late August, Mexico's economy had already achieved 3.6% growth in the first half of 2023.

The 2023 growth is attributed to strong private spending, investment, and flourishing service sectors, construction, and auto manufacturing.

In 2024, there will be more government spending on infrastructure, but its impact may be limited due to capacity constraints and tight monetary policy. 

The 2.1% growth projection for 2024 could be surpassed if the U.S. experiences stronger growth or a larger fiscal multiplier.