OECD estimates that the Mexican economy will grow 2.6% in 2023

The Organization for Economic Cooperation and Development (OECD) raised this Wednesday the growth forecast for the Mexican economy in 2023 up to 2.6%, one tenth more than its previous forecast for the month of November.

The figure is slightly lower than the forecasts of the Mexican Secretary of Finance and Public Credit, Rogelio Ramírez de la O, who has projected a growth of 3% At the end of the year.

In a new report released today, OECD holds unchanged at 2.1% the estimated growth for the Mexican economy in 2024.

“Consumption will be supported by the improvement in the labor market, but will be affected by high inflation”assured the report of the multilateral organization.

However, he pointed out that inflation It will drop from 5.9% in 2023 to 3.7% in 2024.

In this sense, he warned that although the rise in prices has begun to moderate, expectations and core inflation remain high, Therefore, the monetary policy of the Bank of Mexico should continue to be “restrictive” and not start the gradual reduction of interest rates “until the end of 2023”.

He also stressed that investment will continue to rise thanks “to improvements in the bottlenecks of global value chains and the relocation of manufacturing activity in Mexico”.

In this regard, he stressed the importance of reinforce “regulatory certainty, especially in the energy sector”, to get the most out of the ongoing processes of relocation to the country.


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