Banxico expects the Mexican economy to grow by 6% in 2021

Bank of Mexico (Banxico) On Wednesday, it raised its growth forecast from Mexican Economy This year, as well as its forecast for inflation, due to expected higher external demand in the face of fiscal stimulus in the United States and progress on the COVID-19 vaccination plan.

The monetary authority said in its quarterly report, that it expects gross domestic product to expand by 6% in 2021, higher than the 4.8% expected in March, with an interval of volatility, in the most optimistic scenario, rising. It could be 7%, while in the pessimistic case, the retracement will be only 5%

Banxico forecasts 3% growth for the Mexican economy by 2022

For the next year, Banxico estimated growth of 3%, down from 3.3% previously estimated, despite the rate of expansion in Mexican economy It can fluctuate between 2% and 4%.

“If growth in 2021 is achieved near the top of the time period, economic activity will recover in the last quarter of the year, the level observed at the end of 2019,” he said. Banxico In its quarterly report January – March 2021.

The Mexican economy It lost strength during the first quarter compared to the last three months of 2020, expanding by 0.8%, although it improved slightly compared to previous expectations, according to official data.

With regard to general inflation, which in April reached its highest level in three years, the Central Bank estimated that it will close the fourth quarter of this year at 4.8%, a figure higher than 3.6% of the previous forecast, while the same period by 2022 will end at 3.1%.

Banxico is estimated to create 570,000 jobs

With regard to the creation of official posts, Banxico He predicted that between 370,000 and 570,000 will be built this year, compared to a range estimated in the previous report between 250,000 and 570,000.

Mexico’s fourth-month drop in official job creation has once again pushed back President Andres Manuel Lopez Obrador’s goal of restoring 647,710 jobs at the start of 2020 due to the ravages of the novel coronavirus, a goal that experts see difficult to achieve in the remainder of 2021.

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