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QIR - Figures and Initial Comments

MEXICO
Quarterly Inflation Report:
  • Banxico sees GDP growth at -8.9% in 2020, 3.3% in 2021 and 2.6% in 2022 in central scenario.
  • Banxico sees Inflation at 3.6% at end of Q4 2020, 3.3% at end 2021

Initial comments from Governor Diaz De Leon:

  • Gross Fixed Investment faces short, mid-term challenges.
  • High trade surplus being driven by export growth.
  • Informal jobs have suffered most from Covid pandemic.
  • Inflation still very affected by pandemic
  • Rate Pause gives space to mull CPI behaviour

This last comment doesn't suggest a quick resumption of the easing cycle.

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