LatinNews Daily - 09 June 2021

In brief: WB improves Mexico growth forecast

* The World Bank (WB) has adjusted its economic growth forecast for Mexico this year, increasing it from 4.5% to 5%. The new forecast is included in the WB’s latest Global Economic Prospects report. According to the report, the improvement in Mexico’s forecast is in line with the expectation that the country’s manufacturing and services sectors will benefit from the rise in demand from the US, whose economy the WB projects will rebound strongly and grow by 6.8% this year. However, the WB warns that there are some downside risks including a slower than expected rollout of the coronavirus (Covid-19) vaccine in Mexico, adverse market reactions to the country’s less favourable financial conditions, and the possibility of Mexico being affected by natural disasters. The WB report also warns that achieving a full economic recovery following the recession produced by the Covid-19 pandemic will be delayed if the local epidemic is not controlled and if Mexico fails to adopt adequate policies to offset some of the economic damage produced by the pandemic, such as investing more in infrastructure and new technologies.

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