LatinNews Daily - 14 September 2022

In brief: Mexico’s private sector slams 2023 budget proposal

* Mexico’s Confederación Patronal de la República Mexicana (Coparmex), a private sector lobby group, has called on congress to carefully analyse and modify the government’s draft 2023 budget, which it states is based on “unrealistic” macroeconomic data. Coparmex says that while the government expects growth of up to 3% in 2023, experts forecast growth of between 1.4% and 1.5%. The lobby also notes that the budget foresees annual inflation closing the year at 7.7%, while Mexico’s central bank (Banxico) forecasts annual inflation of 8.13%. Additionally, Coparmex says the budget fails to dedicate sufficient resources to address the country’s insecurity issues, with the public security ministry (SSPC) only receiving a 1% budget increase. Coparmex has previously spoken out about the impact that violence has on the business environment. Mexico’s finance minister, Rogelio Ramírez de la O, presented the 2023 budget proposal, for some M$8.3trn (US$417.5bn), to the federal congress on 8 September.

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