Mexico: 2023 Article IV Consultation-Press Release and Staff Report
IMF Staff Country Reports, November 1, 2023
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- Mexico: 2023 Article IV Consultation-Press Release and Staff Report
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Bibliographic details
- Published: November 1, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400258862.002
Growth outlook and near-term projections
- The Mexican economy is in the midst of a broad-based expansion.
- Growth is expected to be 3.2 percent in 2023, led by robust private consumption and investment.
- Notable strength is observed in services, construction, and auto production.
- Economic activity is expected to moderate in the second half of 2023 and in 2024, reflecting the lack of economic slack, weaker US growth, and tight monetary policy.
Risks and scenarios
- Risks are balanced.
- Downside risk: an abrupt global slowdown.
- Upside risks:
- Diversification of global supply chains could catalyze growth, boost investment, and increase employment opportunities.
- A more resilient than expected US economy.
Policy recommendations (supply-side focus)
- Facilitate female labor participation.
- Tackle crime and corruption.
- Improve access to finance.
- Reduce the costs of formalization.
- Remove regulatory hurdles.
- Expand renewable energy supply.
- Promote competition.
- These measures aim to enable Mexico to capitalize on potential gains from new opportunities.
Mexico: 2023 Article IV Consultation-Press Release and Staff Report, November 1, 2023
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