Wed, 20 Oct 2021

© Provided by Xinhua

The Ministry of Finance has forecast up to 6 percent growth this year, depending on the recovery of the productive sector as the vaccination drive against COVID-19, which began in December, makes progress.

MEXICO CITY, Aug. 2 (Xinhua) -- Private-sector financial analysts upgraded Mexico's economic growth forecast for 2021 to 6.1 percent, higher than the 5.8 percent previously projected, the Central Bank of Mexico (Banxico) said on Monday.

According to the bank's survey of 37 financial analysis groups, experts also raised their growth forecast for 2022, from 2.8 to 2.9 percent.

The Mexican economy, the second largest in Latin America after Brazil, saw its gross domestic product (GDP) contract 8.3 percent in 2020, marking its worst performance since the 1930s, as a result of the impact of COVID-19.

The Ministry of Finance has forecast up to 6 percent growth this year, depending on the recovery of the productive sector as the vaccination drive against COVID-19, which began in December, makes progress.

Regarding inflation, the survey conducted between July 20 and 29 showed analysts expect it to reach 6 percent by the end of this year, up from the 5.6 percent forecast in June, but to drop to 3.67 percent by the end of next year.

Mexico ended 2020 with inflation of 3.15 percent, largely in line with the bank's target rate of 3 percent.

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