Economic growth in Mexico should be no less than 3.5% by 2024

At the end of the previous week, President of Mexico Andres Manuel Lopez Obrador, while marking his fourth year in office, announced that the country’s economy should grow by at least 3.5% in 2022, as well as in 2023 and 2024.

The slowdown in economic growth, that was mostly observed in the industrial sector, had an impact on the growth of Mexico's Gross Domestic Product (GDP). In the third quarter of this year, it failed to reach a projected level.

According to Reuters, analysts expect the GDP growth to increase by 2.7% this year. At the same time, the International Monetary Fund predicts the GDP slowdown to 1.2% next year, which indicates the ambiguity of the forecasts.

As the President himself stated, Mexico’s economy might grow by 3.5% already in 2022 and keep the same pace in 2023 and 2024.