*Mexico’s central bank (Banxico) has released its quarterly report for the second quarter of 2024 in which it significantly reduced its 2024 GDP growth forecast to 1.5% down from its previous forecast of 2.4% made in May and of 2.8% in February. Banxico also lowered its forecast for 2025 to 1.2%, down from 1.5%. In a statement, Banxico notes that economic activity is experiencing a “period of marked weakness”, with a slight contraction in the final quarter of 2023 and low growth in the first two quarters of 2024. Banxico added that: “We expect that economic growth in 2024 and 2025 will be moderate, supported primarily by internal spending.”
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LatinNews Daily - 29 August 2024
In brief: Mexico’s Banxico slashes 2024 GDP growth forecast
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