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Mexico - December 2019

Economic Highlights

Bringing forward infrastructure tenders: On 23 October, Mexico’s economy minister Graciela Márquez Colín said that the Mexican government would bring forward infrastructure tenders planned for next year to reactivate the country’s economic growth. In her appearance before the federal chamber of deputies, Márquez Colín explained that the plan is to launch tenders scheduled for 2020 before the end of this year so that it will serve as an “armour” that will fortify the response capacity of Mexico’s economy and will help tackle head-on the domestic economic slowdown. Márquez Colín added “we want to use this as a counter-cyclical measure. Mexico does not have counter-cyclical funds like other countries do”. Meanwhile just a few days earlier, on 20 October, Finance Minister Arturo Herrera said that the ratification of the US-Mexico-Canada Agreement (USMCA) on regional trade would help to improve the business climate and promote increased foreign investment in Mexico at a time when these are flagging, and the Mexican economy appears to be stalling. “It will clearly be an incredible stimulus. It would be so in any conditions but particularly in the current ones, where the world is facing [economic] uncertainty”, Herrera said when asked about the USMCA during the International Monetary Fund and World Bank Annual Meetings held in Washington DC from 14-20 October. The USMCA has so far only be ratified by Mexico with the ratification process in Canada and the US having stalled amid Canada’s electoral process and the opposition by some Democrats in the US Congress to the trilateral agreement.

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