Mexico’s economic recovery “will be consolidated in 2022”

24 Sep 2021

Mexico’s Secretary of Finance, Rogelio Ramírez de la O forecasts the country’s economic recovery following the pandemic “will be consolidated in 2022.”

Speaking before the Chamber of Deputies, the Secretary of Finance added: “Mexico is going to end 2021 with healthy public finances and the economic recovery that began in the second half of 2020 will be fully consolidated in 2022, when we begin growth that allows us to leave behind the impact of the pandemic.”

Earlier this week, Ramírez de la O visited the Lower House for the presentation of the third government report and the budgets for next year, which predict 4.1% GDP growth in 2022.

After taking office last month to replace Arturo Herrera, future governor of the Bank of Mexico, the finance secretary said the Mexican economy has had “four consecutive quarters of sustained recovery.”

He added that since the start of the coronavirus crisis, 13.6 million formal and informal jobs have been recovered, with the country moving up from 11th to 7th place in regard to foreign investment, predicting that 2022 will be “a year with greater commercial opportunities”.

In terms of the new budgets, Ramírez de la O referred to a public investment equivalent to 3.1% of GDP.

He added that the government’s economic model has as “priority the attention of social gaps” and at the same time the commitment to “macroeconomic stability and fiscal discipline.”

Mexico’s economy contracted by 8.2% last year, the worst collapse since the Great Depression of 1932, following the coronavirus crisis.

Before the pandemic, the Mexican economy had contracted 0.1% in 2019 due to declining industrial activity, which represented a significant fall compared to 2.1% growth the year before.

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