Mexico’s economy is expected to grow between 2.5% and 3.5% next year, while inflation would continue to decline to 3.8% by the end of the year, the finance ministry estimated as it delivered its budget blueprint for 2024.
The assumption of the gross domestic product (GDP) is above the forecasts updated by the Bank of Mexico, which increased its growth forecast for the local GDP to between 2.5% and 3.5% for next year and estimated that during the fourth quarter of 2024, inflation would be at levels close to the 3% target.
On the other hand, the finance ministry estimated that this year the public debt will close at 46.5% as a percentage of GDP, and, for next year, it is estimated that it will increase slightly to 48.8% of GDP.
The Mexican Government requested to limit the external debt ceiling for the public sector to $18 billion and will seek to make allocations to the state-owned Pemex and the Federal Electricity Commission (CFE) for 949.4 billion pesos, 52% for CFE and 48 for Pemex.
