The World Bank warned a few days ago that the world economy will be dangerously close to a recession in 2023 due to weak growth in major economies —United States, Europe and China— which implies a risk for the national economy as it is so directly linked to its neighbor to the north.
Even though There is still no consensus on the issue. -some specialists foresee a setback in the Mexican economy and others a negligible growth- people have begun to wonder how they might face the situation if it were to arise. In order to resolve these doubts, Enrique Quintana, General Editorial Director of El Financiero, shared a couple of pieces of advice.
“Something that people need to do when a recession hits is take care of the jobbut if it turns out that despite trying to take care of it we lose it, we must take care of the expenses, try to save, try to have a reserve for lean times”, he commented during the EF MeetPointVirtual forum. Is a recession coming in Mexico by 2023?
While companies, whether large or small, must invest and spend very cautiously.
“Today things are fine but we don’t know how they will be in the second semester, if a sector or a business is doing well right now, if it is not like that, all the more reason,” he added.
When will there be a recession in Mexico and how long will it last?
Quintana stated that the recession in Mexico would be an effect of the same process in USA but it would take until next year to arrive.
“If the recession started in the United States, for example, in the third quarter or the fourth quarter of this year, it is likely that we would have recession in Mexico but rather at the start of 2024“, accurate.
As he had already explained in his column, Will there be a recession in Mexico in 2023 or not?, reiterated that if the economic decline occurs, it will be short and shallow.
“The duration would be similar to the one that the United States would eventually have, two quarters, three quarters, a long recession is not expected, it would not be a long recession,” he said.
