Mexico’s central bank downgrades 2024 growth forecast

MEXICO CITY, Aug. 28 (Xinhua) — The Central Bank of Mexico (Banxico) on Wednesday lowered the economic growth forecast for 2024 to 1.5 percent, down from 2.4 percent, according to its second-quarter report.
For 2025, the bank expects gross domestic product to expand by 1.2 percent, down from the 1.5 percent forecast in its previous report.
Economic activities in Mexico are undergoing a period of marked weakness, according to the bank, which expects moderate economic growth both this year and the next, driven mainly by domestic spending.
Mexico’s economy, the second largest in Latin America after Brazil, grew 3.2 percent in 2023, and the government estimates economic growth between 2.5 percent and 3.5 percent in 2024. ■