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Banxico Trim Growth Forecasts, Central Bank Economist Survey Expected

MEXICO
  • Within the latest quarterly inflation report, released on Wednesday, Mexico’s central bank trimmed its economic growth forecasts for this year and next. Banxico now estimate that GDP will expand 1.6% in 2023, according to the main scenario, which is below the 1.8% seen in the previous report, which was published Nov. 30. For 2024, it forecasts growth of 1.8%, down from 2.1%.
  • Speaking at the quarterly report presentation, Deputy Governor Irene Espinosa stated she would prefer not to surprise the market with the following decisions and instead wants to guide it in the “right direction”.
    • “The decision to surprise was not easy, and it’s not something we want to repeat. For that reason, I think our prospective guide should be extremely cautious,” Espinosa said.
  • At 1500GMT/1000ET: Central Bank Economist Survey

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