LatinNews Daily - 22 February 2022

In brief: OECD lowers Mexico’s 2022 GDP growth forecast

* The Organisation for Economic Co-operation and Development (OECD) has lowered its 2022 GDP growth forecast for Mexico to 2.3% down from its previous (December 2021) forecast of 3.3%. In its latest Economic Survey of Mexico, the OECD put 2021 growth at 5.3%, down from a previous estimate of 5.9%, and forecast 2023 growth at 2.6%, up from 2.5%. The OECD stated that Mexico’s economy was rebounding from the impact of the coronavirus (Covid-19) pandemic, pointing to the manufacturing and services sectors as the main drivers of growth. However, it said that “challenges remain to ensure the ongoing recovery is sustainable”. Although labour market participation is recovering, the OECD stated it remains below pre-pandemic levels, with informal workers, women and the youth particularly affected. The OECD noted that uncertainty surrounding domestic policy – particularly in relation to the proposed electricity sector reform – continued to hinder investment.

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