MEXICO CITY, Aug. 16 (Xinhua) -- Mexico's economy will face a "highly uncertain and complicated" outlook in 2023, amid geopolitical challenges and high global inflation, the Mexican Institute of Finance Executives (IMEF) said on Tuesday.
In a revision of its monthly indicators, the IMEF downgraded Mexico's economic growth forecast for 2023 from 1.8 percent to 1.4 percent, but upgraded this year's projected expansion in gross domestic product (GDP) to 1.9 percent, from the 1.8 percent forecast in July.
"The confluence of numerous high-impact factors make for an economic outlook that is difficult to understand and even more difficult to forecast," IMEF's national president Alejandro Hernandez explained.
"The most recent indicators in Mexico show the economy looks basically stagnant," the expert said during a virtual press conference.
According to the analysis, the global economy, particularly in highly influential countries, faces an adverse environment where "anachronistic geopolitical interests" undermine international cooperation.
At the same time, inflation has re-emerged as the main threat to the functioning of the economy and financial markets, the organization warned.
Several central banks were late to begin fighting inflation due to an "incorrect and complacent" reading, which resulted in a hasty correction of their monetary policy that still seems lacking, the group said.