The International Monetary Fund (IMF) improved the economic projections for Mexico, both for 2021 and 2022, thanks to the dynamism of the external sector, favored by its commercial ties with the United States, but also by the performance that domestic demand is showing.
The economic advisor and director of the IMF’s Research Department, Gita Gopinath, said that much of Mexico’s recovery came from the external sector, but now we are seeing that domestic demand returns, especially in services.
In a conference with the media to discuss the update of the world economic outlook, he added that Mexico will also benefit if there are additional stimulus packages implemented in the United States, as it would generate demand for the country and that would have a positive effect again.
Furthermore, Gopinath added, vaccination rates are increasing and that will help combat the covid-19 pandemic in the coming months.
IMF revised up its economic growth prospects for Mexico, estimates that in 2021 the gross domestic product (GDP) will grow 6.3 percent, above the 5 percent estimated last April; By 2022, the projections went from 3 to 4.2 percent.
The IMF warned that if the covid-19 pandemic worsens and financial conditions tightenIt would be a double whammy for emerging markets and developing economies, as their recovery process would be seriously delayed.
Therefore, urged multilateral action to ensure rapid global access to vaccines, as well as diagnoses and treatments, as that would save countless lives and contribute to the global economic recovery.
The economic adviser pointed out that the objective, supported by international organizations, such as the World Health Organization and the World Bank, contemplates vaccinating at least 40 percent of the population by the end of this year and at least 60 percent by the middle of the next.
He indicated that to achieve these objectives, countries with surplus vaccines must share doses and prioritize deliveries to low- and middle-income nations; In addition, it is important to remove trade restrictions on vaccine supplies and make additional investment to ensure sufficient production.