IMF reduces its growth outlook for Mexico to 2.4% in 2024

The projected growth is below the range of 2.5% to 3.5% estimated by the Ministry of Finance for this year.

According to the international financial organization, weaker macroeconomic variables have been observed in recent months, with a contraction in manufacturing.

IMF projections indicate that by 2025, lower dynamism is expected for the Mexican economy, as it foresees growth of just 1.4%, as the government is expected to toughen the fiscal stance.

For the Latin American and Caribbean region, the estimate for 2024 was raised slightly, from 1.9% to 2%, lower than the growth observed in 2023, due to a slowdown observed in Brazil and Mexico.

Regarding global growth, estimated at 3.2%, the forecast for 2024 is revised upwards by 0.1 percentage points compared to the January 2024 World Economic Outlook (WEO) update.

“Despite many gloomy predictions, the world has avoided a recession, the banking system has for the most part demonstrated resilience, and major emerging market economies have not suffered sharp stops in capital inflows,” the IMF said in its April WEO report that was presented within the framework of the spring meetings.

He added that the global economy continues to show remarkable resilience and growth remains firm as inflation returns to its target.