The Bank of Mexico (Banxico) cut its growth forecast for the national economy in 2024 from 2.4 to 1.5 percent.
In presenting its quarterly inflation report, the central bank explained that the drop in the Gross Domestic Product (GDP) forecast is due to the slowdown that the economy experienced during the first quarter of the year, which was greater than expected.
For 2025, Banxico also lowered its growth outlook from 1.5 to 1.2 percent.