MEXICO CITY (EFE).—President Claudia Sheinbaum referred yesterday in her morning conference to the country’s economic situation, which she described as “strong” and announced a reduction in the public deficit by 2025.
“Mexico’s economy is good, it is strong, that was achieved with Mexican humanism and that is why we are going to continue with the policy of strengthening the internal market,” he assured.
Claudia Sheinbaum also denied any relationship between the approval of the judicial reform and the depreciation of the peso, which she attributed to the behavior of the international economy, the repercussions that current American events have in Mexico and the recent fall of the Japanese stock market.
According to the Bank of Mexico, since Claudia took office the peso has appreciated against the dollar by 1.63% to an exchange rate of 19.37.
“We are proposing a reduction in the deficit and also schemes to improve collection that have nothing to do with tax reform, but rather improvements in customs in the Tax Administration Service (SAT) itself and some important actions that we are going to develop to be able to increase even plus income,” he explained, about his plans for 2025.
Claudia Sheinbaum made reference to the economic inheritance received from her predecessor, Andrés Manuel López Obrador: “We are going to close (the year) well, there are resources, President López Obrador made sure that there were sufficient resources for a good end to the year,” said.
However, the latest forecasts from the private sector point to an economic slowdown. The BBVA bank reduced its expectation for growth of the Gross Domestic Product in 2024 to 1.2% the day before yesterday, Thursday, from a previous 2.5%, given the slowdown in economic activity in the country and the uncertainty generated by the judicial reform.
The bank’s expectation for the end of the year is slightly below the consensus of private analysts, who expect an increase in Mexican GDP in 2024 of almost 1.5%, according to the latest survey by the Bank of Mexico, while the federal government expects it to be of 3%.
For 2025, it also reduced its growth outlook to 1%, from a projection of 2.4%, said Carlos Serrano, chief economist at BBVA Mexico, at a press conference.
President Sheinbaum in turn announced that within a few weeks she will present her economic package together with the Secretary of the Treasury, Rogelio Ramírez de la O.
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Analysis: Mexico’s President Claudia Sheinbaum’s Vision for a Strong Economy
In a recent address, Mexico’s President Claudia Sheinbaum expressed her optimism about the country’s economic situation, describing it as “strong” and attributing its achievements to “Mexican humanism.” This statement comes as Sheinbaum has vowed to continue the social policies of her predecessor and mentor, Andrés Manuel López Obrador [[2]]. But is Mexico’s economy truly strong, and can Sheinbaum’s vision sustain it?
According to Sheinbaum, her government plans to reduce the public deficit by 2025, which is an ambitious goal that some analysts believe is achievable [[3]]. With a target of 3.5% of GDP, Sheinbaum aims to slash deficits and keep the economy afloat. However, Mexico’s economic challenges cannot be ignored, particularly in the context of a shaky global economy and the country’s own structural issues.
The peso’s depreciation is a pressing concern, and Sheinbaum’s denial of any relationship between the approval of the judicial reform and the peso’s decline is noteworthy. She attributes the peso’s depreciation to the international economy and current American events, which may be partially true [[1]]. Nevertheless, the fact remains that Mexico’s economy is caught in the crossfire of the US presidential election, and Sheinbaum must navigate this complex landscape to achieve her goals.
As a nation, Mexico has made progress on poverty, but Sheinbaum’s economic challenges are far from over. With her commitment to strengthening the internal market, she may be able to mitigate some of the external shocks, but the road ahead is uncertain.
while Sheinbaum’s optimism about Mexico’s economy is encouraging, her vision must be tempered with a dose of realism. The country’s economic challenges are significant, and her ability to implement policies that will sustain a strong economy remains to be seen. Nevertheless, as a nation, Mexico has shown resilience and determination, and Sheinbaum’s commitment to her vision is a testament to this.
As a famous blog news writer, I will continue to monitor Mexico’s economic situation and provide updates on Sheinbaum’s progress. The world will be watching to see if her vision for a strong economy becomes a reality.
