Mexican economy could grow up to 4% in next 15 years “closer” by EFE

Mexico City, May 23 (.).- The Mexican economy has a “growth rate” of 2.3% for 2023 and a possible rise of up to 4% for the next 15 years, due to the relocation of supply chains. The country’s public and private sectors said on Tuesday.

During the 32nd conference, the head of the Ministry of Finance and Public Credit (SHCP), Rogelio Ramírez de la O, said, “The economy achieved growth of at least 2.3% throughout the year. Mexican Association of Insurance Companies (AMIS).

The official explained that this indicator is the result of the dynamism of the Mexican economy expected in the first half of the year and a 1.1% annual increase in the Mexican gross domestic product (GDP) in the first quarter of 2023.

He said the rating is maintained, with the hope that “GDP will continue to increase with good performance of consumption, employment and investment”.

According to Mexican government expectations, the economy is likely to grow by 3% by the end of the year, while the average of private sector analysts predicts a 1.9% increase in Mexican GDP by the end of the year. .

“Crushing” can promote growth

For his part, Francisco Cervantes, president of the Business Integration Council (CCE), estimated that Mexico has a growth potential of 4% over the next 15 years.

It is also called “proximity” because of the “core problem” that involves the relocation of supply chains.

“If ‘convergence’ explodes to its full potential, the world could see Mexico grow by an average of 4% over the next 15 years, or “improve,” he said.

Cervantes said the investment event “gives Mexico the opportunity for large companies from all over the world to come to our country to set up their production and distribution plants.”

He recalled that the country’s latitude is an advantage as it is the country’s major trading partner and its proximity to the US and the North American region.

In addition, there is fierce competition and sudden changes in labor markets in Mexico, which directly affects the patriarchal life of the people.