Industrialists see Trump’s possible victory as the biggest risk for Mexico in 2024

The possible electoral victory of the former president donald trump (2017-2021) in the November 2024 elections in USA It is the greatest risk for the Mexican economy in a ‘complex’ global context, considered this Monday the Confederation of Industrial Chambers of Mexico (Concamin).

“The electoral issue, especially in the United States, makes us worried about what may happen, it may be that donald trump and that can make us uneasy,” the president of Concamin, José Abugaber, told the media.

In the presentation of the new comprehensive digital industrial policy proposal for the private sector, the business leader also considered that in 2024 the world economy will face a series of risks that could impact its stability, as well as the national economic environment.

“Among them are the possibility of an acceleration of inflation due to global demand and shortages of raw materials,” he abounded.

In addition, it estimated that tensions around subsidies for renewable energy could increase costs and hinder the environmental transition, as well as cause extreme weather events and disrupt supply chains.

Meanwhile, Abugaber recalled that international geopolitical conflicts, such as the wars in Ukraine and Russia and Israel’s war with the Islamist group Hamas, could escalate and change global dynamics.

“The arrival of Trump to power is the most relevant risk for next year; these factors represent a complex environment that could alter the global economic dynamics next year,” Abugaber pointed out.

In contrast, the president of Concamin highlighted that Mexico has obtained favorable economic and social results, despite the challenges facing next year.

“We still have many challenges, but the country has managed to generate an environment of better opportunities for everyone, with a significant drive to close gaps and where we are convinced that industrial policy and business commitment is the transformative axis of this reality,” said.

The industrial leader pointed out that the vision of the country’s businessmen is ‘clear’ and assured: “We want to position Mexico as a leader in Latin America, reduce extreme poverty and promote social inclusion and equity through sustained and strategic growth,” he claimed.

He recalled that Mexico, in 2023 alone, went from a growth perspective of 1% at the end of the year, to a higher than 3%.

At this point, Francisco Cervantes, president of the Business Coordinating Council (CCE), the leadership of private initiative in the country, agreed on better growth at the end of 2023, which is why he updated the expectation of the private sector to almost 3.5% for this year, in line with the forecasts of the Mexican Government.