This Friday, October 4, from the National Palace, the President of Mexico, Claudia Sheinbaumspoke on “La Mañanera del Pueblo” about the country’s economic situation, which he described as “strong”, while announcing a reduction in the public deficit by 2025.
At the press conference, Sheinbaum said that: “Mexico’s economy is good, it is strong, that was achieved with Mexican humanism and that is why we are going to continue with the policy of strengthening the internal market.”
The President denied any relationship between the approval of the Judicial Reform and the depreciation of the Mexican peso, which he attributed to the behavior of the international economy, the repercussions that current American events have on Mexico and the recent fall of the Japanese stock market.
According to the Bank of Mexico, Since President Sheinbaum took office, the peso has appreciated against the dollar by 1.63% to an exchange rate of 19.37.
“We are proposing a reduction in the deficit and also schemes to improve collection that have nothing to do with tax reform, but rather improvements in customs in the Tax Administration Service itself. (SAT) and some important actions that we are going to develop to be able to increase income even more,” Sheinbaum explained about his plans for 2025.
The President made reference to the economic inheritance received from her predecessor, former President Andrés Manuel López Obrador (2018-2024).
“We are going to close (the year) well, there are resources, President López Obrador made sure that there were enough resources for a good closing of the year,” he stated.
However, the latest forecasts from the private sector point to an economic slowdown. The BBVA bank yesterday reduced its expectation of growth of Mexico’s Gross Domestic Product (GDP) to 1.2% in 2024 from a previous 2.5%, given the slowdown in economic activity in the country and the uncertainty generated by the Judicial Reform. The bank’s expectation for the end of the year is slightly below the consensus of private analysts, who expect an increase in Mexican GDP in 2024 of almost 1.5%, according to the latest survey by the Bank of Mexico, while the Government of Mexico expects it to be of 3 percent.
For 2025, it also reduced its growth outlook to 1%, from a projection of 2.4%, said Carlos Serrano, chief economist at BBVA Mexico, in a press conference.
President Sheinbaum in turn announced that within a few weeks, she will present her economic package together with the Secretary of the Treasury, Rogelio Ramírez de la O.
*Stay up to date with the news, join our WhatsApp channel
Read also: Sheinbaum presents gender equality reforms; These are the initiatives
OF