LatinNews Daily - 14 June 2022

In brief: Fitch lowers Mexico growth forecast

* International credit ratings agency Fitch Ratings has revised down its 2022 GDP growth forecast for Mexico from 2.0% to 1.8%. In a statement, Fitch said that GDP would not return to pre-pandemic levels until 2023 “which leaves Mexico lagging behind its regional peers”. Fitch also raised its inflation forecast, predicting inflation would close the year at 5.3%, up from a previous estimate of 3.7%. The agency noted that the government led by President Andrés Manuel López Obrador had implemented various measures to limit the impact of inflation, through a fiscal stimulus to prevent gas prices from rising and the package against inflation and high prices (Pacic). However, Fitch said that although gas subsidies have had some impact, the other measures were likely to have “limited success”.

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