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    Central Bank Downgrades Growth Outlook for Mexico in 2016

    © AFP 2019 / Luis Acosta
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    Mexican Central Bank has decreased its projection for country’s economic growth in 2016-2017, the bank’s quarterly report said on Wednesday.

    MEXICO CITY (Sputnik) — According to the report, the country's economy is projected to grow 1.8-2.3 percent in 2016, while it was previously estimated to reach the level of 1.7- 2.5 percent. In 2017, Mexico's GDP could grow by 1.5-2.5 percent instead of the previously expected 2-3 percent.

    Earlier on Wednesday, the country’s Ministry of Finance announced a different economic forecast, saying the economic growth could reach 2-2.6 percent in 2016.

    On Tuesday, the International Monetary Fund (IMF) decreased its projection for Mexico’s economic growth in 2016 to 2.1 percent from 2.5 percent anticipated in July, adding that the growth would remain at the same level in 2017.

    On November 18, Fitch Ratings agency said Mexican banks would be among the most vulnerable in Latin America to the effects of the possible US pivot toward protectionist policies under US President-elect Donald Trump's Administration.

    During the election campaign, Trump said he would take the United States out of the Trans-Pacific Partnership (TPP) trade agreement, leave the North American Free Trade Agreement (NAFTA) free trade zone and impose tariffs on imports from China and Mexico.


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