For the second consecutive time, the Bank of Mexico has revised downward its growth forecast for the national economy for the current year, from 2.8 to 2.4.
According to Victoria Rodríguez Ceja, governor of the central institute, this is due to an extension of the economic slowdown recorded since the end of last year.
"The weakness of economic activity extended from the last quarter of 2023 into the beginning of this year, resulting in lower-than-expected GDP growth for the first quarter. Consequently, the growth forecast for 2024 is revised," she said.
Therefore, the range has changed to between 1.9 and 2.9 percent for 2024, from 2.2 to 3.4 percent, according to the October to December 2023 report, with a specific estimate of 2.4 percent.
She stated that despite the low growth in the first three months of 2024, economic activity is expected to regain a more dynamic pace going forward, supported by domestic spending.
Based on what has been observed in previous election years, "there would be a moderation in growth in the second half of 2024," clarified Victoria Rodríguez Ceja during the presentation of the January-March 2024 Quarterly Report.
She commented that although the economy is expected to regain a higher growth rate, it is necessary to strengthen the foundations to promote more sustainable long-term growth.
And while, she emphasized, strengthening the macroeconomic framework is a necessary condition, it is not sufficient.