LatinNews Daily - 19 March 2025

*Mexico’s President Claudia Sheinbaum has responded to a forecast from the Organisation for Economic Co-operation and Development (OECD) that Mexico’s economy will contract by 1.3% this year and 0.6% in 2026 due to the planned imposition of tariffs by US President Donald Trump. This is down from a December forecast of 1.2% growth this year and 1.6% growth in 2026, as well as growth of 1.5% last year. In a press conference, Sheinbaum said it was necessary to wait, given that the tariffs – which have already been postponed twice - are not due to come into force until 2 April. She said it “does not help” for organisations such as the OECD to make such predictions, saying that suggestions on how to improve would be more useful. This comes as international credit ratings agency Fitch Ratings also stated Mexico would experience a “technical recession” this year and cut its 2025 growth forecast for the country by 1.1 percentage points to 0%, citing its “high US trade exposure” and the “global trade war” started by Trump.

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