Slim praises Q4 public finances and predicts a new economic boom for Mexico

During a conference held at the UNAM Law School, Carlos Slim indicated that “public finances are healthy and will remain healthy until the end of this government.” And, in addition, he assured that in the short term he sees the birth of employment opportunities and economic boom for Mexico, with growth close to 6% per year.

Mexico, he argued, is in a strategic position for the relocation of companies that supply the US and Canadian markets. According to Carlos Slim, the United States entered into a confrontation with China after 20 years of commercial dependence on the Asian giant.

Therefore, “it is already happening that many companies want to establish themselves in Mexico to export to the United States. This is going to have a new substantial opportunity for Mexico,” Slim said. That is why he advised the students who listened to him to prepare for a country with a lot of work to do.

However, to achieve this, he pointed out that it is important to combat poverty and incorporate the most marginalized into the economy with well-paid jobs. Since increasing the purchasing power of the people will help strengthen the internal market.

Optimism against all odds

“I hope I’m not wrong,” said Slim, predicting a new growth path for Mexico despite worsening expectations. The International Monetary Fund, in its October report, estimated that the national GDP will have an expansion of 2.1% at the end of the year and only 1.2% in 2023.

Regarding public finances, until the third quarter of 2022, the Ministry of Finance and Public Credit estimated that the public deficit will be equivalent to 3.8% of the Gross Domestic Product, but will rise to 4.1% at the end of 2023. However, the Treasury affirms that this deficit and the level of debt place public finances at a sustainable level.

Carlos Slim also celebrated the recent increase in oil production, although he recalled that oil wealth has helped Mexico not only to grow, but also to make mistakes: as happened in the oil crisis of the 1970s.

Through Fundación Telmex and Fundación Carlos Slim, the tycoon was also present for the delivery of Scholarships of the Academic Excellence Program and electronic tablets to students of the Maximum House of Studies.

The agreement between the UNAM and the SCJN will serve to help the most outstanding students of the Faculty of Law to strengthen their training as jurists and accelerate their incorporation into the professional world.