LatinNews Daily - 01 June 2021

In brief: Mexican gov’t revises up growth forecast

* Mexico’s finance ministry (SHCP) has revised up its GDP growth forecast for this year to 6.5% from the previous 5.3%. SHCP deputy minister, Gabriel Yorio, said that the upwards revision is in line with the improved prospects for Mexico’s economy that have also been highlighted by the Organisation for Economic Co-operation and Development (OECD) in its latest Economic Outlook report, which notes that Mexican exports have performed well since the start of the year thanks to the strong recovery in US demand. The OECD report also emphasises that Mexico’s economic recovery could gather even more steam if the authorities succeed in accelerating the national coronavirus (Covid-19) vaccination campaign that would allow a faster return to normal economic activity. In a series of tweets, Yorio said that SHCP economists believe that Mexico’s economy is recovering apace and that it could return to pre-pandemic levels “faster than expected” after returning to positive quarter-on-quarter GDP growth in the first quarter of the year.

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