Mexico’s GDP would grow up to 2.6% in 2022: economy secretary

Stock image. Mexican Economy Secretary Tatiana Clouthier gestures during an interview with Reuters in Mexico City, Mexico. January 11, 2021. REUTERS/Dave Graham

MEXICO CITY, Feb 7 (Reuters) – Mexico’s Gross Domestic Product (GDP) would grow up to 2.6% this year, affected by the impact of omicron, the economy secretary said on Monday, an estimate in line with projections from analysts but well below a recent estimate by President Andrés Manuel López Obrador.

Last week, the president estimated economic growth of 5% this year and ruled out that the country has entered a technical recession despite the contraction of GDP in the last two quarters of last year.

“If we remember a little, and I’m going to go back to when the budget was approved, the Treasury raised 4%; this was before omicron. Right now we estimate we could be around 2.5% and 2.6%,” Clouthier told local radio .

Analysts cut their estimate for economic growth to 2.20%, according to a central bank survey released last week. Preliminary figures have shown that the GDP fell by 0.1% between October and December, stringing together two quarters with contraction and entering a technical recession.

“There are many factors that occur throughout the year that can positively or negatively alter the year and I think the president is betting that positive things will happen,” Clouthier said when asked about the difference between his forecast and López’s. Workshop.

In its latest World Economic Outlook report, the International Monetary Fund (IMF) lowered its growth estimate for Mexico from 4% to 2.8% in January, days after the World Bank lowered it to 3%.

(Reporting by Raúl Cortés Fernández, edited by Adriana Barrera)

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