LatinNews Daily - 20 November 2024

*International credit ratings agency Moody’s has reduced its GDP growth forecast for Mexico to 1.5% for 2024 and 1.3% for 2025, down from mid-year estimates of 2.4% and 1.5% respectively, as widely reported in the media. According to excerpts of the report, circulated in the local media, Moody’s expects a “deceleration in Mexico driven by high interest rates”. It also cites expected disruption caused by US President-elect Donald Trump’s return to office in January which could result in “new tariffs and trade restrictions in the US, as well as tax cuts that would imply a deterioration in debt dynamics [and] an increase in inflation and interest rates”. This follows Moody’s recent decision to lower its credit outlook for Mexico from stable to negative, citing the controversial judicial reform, among other factors.

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