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Weekly Report - 03 October 2019 (WR-19-39)

MEXICO: Herrera drops first hint of tax increases

Mexico’s Finance Minister Arturo Herrera is eyeing up a future tax reform to spur economic growth. Private sector experts consulted by the central bank Banco de México (Banxico) cut the GDP growth forecast for 2019 from 0.50% to just 0.43%, and from 1.39% to 1.35% in 2020, in a monthly report published on 1 October. This is a far cry from the average 4% annual GDP growth promised by President Andrés Manuel López Obrador during his election campaign, and the government needs to find a way to revive the economy. The very same experts cited in the Banxico report argued that the main factor constraining growth in Mexico was not the tax take but, by a distance, governance (41%).

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