Rodrigo Mariscal, chief economist and head of the economic planning unit of Mexico’s finance ministry, stated during an interview published on Wednesday that the nation’s Gross Domestic Product could grow by as much as 2% during 2023.
In contrast, analysts surveyed by the country’s central bank last month forecast an economic growth of 0.95% in 2023, down from the 2.8% growth experienced in 2022.
Mariscal believes that Mexico’s GDP could be driven by increased consumer spending, which he forecast could grow to make up to 3.6% of the nation’s GDP in 2023. Since 2019, when it was at 2.9%, consumer spending has grown consistently on a yearly basis.
“There is an effort on the part of the public sector to increase the productive capacity of the economy”, Mariscal stated, referring to the practice of nearshoring, whereby factories are relocated to be closer to the final point of sale. This practice could boost employment, exports, and investment in the local economy.
According to Mariscal, Mexico’s GDP growth could be greatly assisted by rising employment as well as the resilience of the U.S. economy. The United States has also been pushing for the relocation of company factories from Asia to North America.
