López Obrador rules out economic crisis in Mexico during his tenure

The president of Mexico, Andrés Manuel López Obrador, assured this Monday that he does not foresee any economic crisis in the country, although he did not rule out that external factors could lead to a crisis, although that would be until 2025.

“We do not rule out that yes, there may be an external economic-financial crisis that could impact us, but according to our projections, this economic-financial crisis could occur as of 2025.″, said the president during his morning press conference.

Likewise, López Obrador assured that in the remainder of his term there will be no economic crisis in Mexicosuch as the one that occurred in 1995 after the change of government in the country.

“I can tell the Mexicans, with absolute certainty, that we are not envisioning any economic or financial crisis this year or the next, and it is ruled out that a crisis like the ones that have occurred in the changes of government may arise in the future.”, he emphasized.

The president ruled out that an economic crisis could occur before 2025 due to the approaching elections in the United States.

“In the event of an economic-financial crisis, it would be until 2025, because the elections in the United States are at stake and it is very difficult for a crisis to occur before the elections, they will put up with everything”, he explained.

He also asserted that they will work for “shield” the Mexican economy.

“We are going to continue managing finances with great responsibility to shield the economy well, thinking forward, leaving them (the incoming government) also margins, for example, not indebting the country”, he pointed out.

His statements come after last week the National Institute of Statistics and Geography (INEGI), revealed that the Mexican gross domestic product (GDP) grew 1.1% quarterly in the first quarter of 2023, reaching an all-time high.

In addition, last Friday, the Undersecretary of Finance and Public Credit, Gabriel Yorioestimated that GDP in Mexico will grow by at least 2.3% in 2023.

The Economic Commission for Latin America and the Caribbean (Cepal) raised Mexico’s growth forecast to 1.5% a few weeks ago for 2023 and the International Monetary Fund (IMF) increased it to 1.8% on April 11.

The Mexican economy grew by 3.1% in 2022 driven by all sectors, while in 2021 it increased by 4.8%, less than the government’s expectation.

Mexico It was one of the Latin American countries that took the longest to recover its GDP after the COVID-19 pandemic, which caused a historic contraction of 8.2% in 2020.

The Mexican economy grew 2.1% in 2018, but contracted 0.3% in 2019, the first year of the presidency of Andrés Manuel López Obrador.

Source: EFE