The Mexican economy would have a better closing for 2022 and 2023, according to the OECD

The Organization for Economic Co-operation and Development (OECD) has improved the prospects for economic growth for Mexico and expects it to end the year with a 2.5% lead, up from the 2.1 estimated in its forecast last September.

In his perspectives economicthe OECD, also slightly raised its growth forecast for 2023 to 1.6% from 1.5% of its previous estimate. The international organization revealed that this expectation is the result of a better performance of the labor market which is driving consumption, although this is tempered by high inflation rates.

Besides, the OECD Note that Mexico It can benefit from exports that will continue to improve through greater integration into global value chains. However, he felt that its dynamism could be dampened by the slowdown in the United States.

The analysts of the OECD they considered that the improves of the expectations This is the result of “solid growth in economic activity during the first three quarters of 2022”, but they warned of declining activity in certain sectors such as mining and construction.

It highlights the progress of production of automobiles which he says remains resilient, thanks to the easing of supply restrictions.

Despite the progress anticipated by the OECD in its economic outlook for Mexicothis body also warns of the pressure exerted on the performance of Gross Domestic Product (GDP) the high rates of inflation which stood at 8.4% last October, but expects that in 2023 it will start its decline at 5.7%.

They believe that inflation continues to be a risk because it can affect prices in all areas, and for this reason they recommend pursuing an aggressive monetary policy that will allow inflation expectations to continue to be anchored.

With regard to the global economy, the OECD estimates a slight progress by recording a growth of 3.1% of the GDP this year by 3 percent from its forecast of last September. By 2023, he expects the world to slow down and grow by 2.2%, although he foresees a better year in 2024 with the economy rebounding by 2.7%.

Regarding the United States economy, he pointed out that it will grow by 1.8% in 2022, but forecast a sharp slowdown to 0.5% in 2023.

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