According to The Latin American Tribune, the International Monetary Fund (IMF) projection for economic growth in México in 2014 remains unchanged at 2.4%, the multilateral agency said Tuesday (October 7) in its biannual World Economic Outlook.
Having initially predicting 3% growth, IMF economists adjusted the figure to 2.4% in July.
The Mexican economy is recovering momentum, the report said, but not quickly enough to make up for first-quarter weakness caused by a slump in foreign demand and slower-than-expected growth in construction.
The Fund said it now expects México to grow 3.5% in 2015 thanks to a more solid recovery in the United States, a rebound in construction and gradual gains from ongoing overhauls of the energy and telecommunications sectors.
COMMENT: President Enrique Peña Nieto’s economic reforms “should begin to bear fruit” in 2015 as firms that have been in a wait-and-see mode start making larger capital expenditures, the report said.
IMF projections show México will repeat this year as North America’s fastest-growing economy, outpacing both the US with an expansion of 2.2% and Canada at 2.3%.
The trend will continue in 2015, according to the IMF.