Mexico City is on the verge of one of the most prosperous seasons in its recent history. The 2024 National Holidays promise to be an unprecedented economic boostwith an estimated spill of 8 thousand 429 million pesosas announced by the Head of Government, Martí Batres Guadarrama.
On the occasion of the National Holidays 2024, Mexico City anticipates a historic economic spillover for the benefit of more than 107 thousand economic units.
This was reported by the Head of Government, Marti Batreswho highlighted that this figure will exceed by 9 percent the one registered in 2023, with an increase of 600 million pesos.
Batres explained that economic activity will be boosted by the celebration of independence throughout the country, with emphasis on the tourism, hospitality and commerce in the capital“We are going to have a good economic season in September, because of what Mexico City offers in terms of tourism and the economy,” he said.
Positive impact on small businesses and employment
The capital’s leader stressed that The Fiestas Patrias will generate direct benefits for sectors such as hotels, restaurants, public markets, department stores and stationery storesamong others. These economic units, mostly small and medium-sized businesses, will benefit from the increase in demand for services and products typical of the season.
Batres also highlighted the economic growth that the city has experienced during his administration.
Between January and August 2024, more than 11,000 commercial establishments were opened, including restaurants, cafes and beauty salons, which generated more than 100,000 jobs.
The official stressed that Mexico City is now a more favorable environment for opening businesses, thanks to reforms that allow doing so even through the Internet.
“Around one million jobs have been created during this administration, thanks to the opening of 100,000 low-impact businesses,” Batres added.
Credits and support for microenterprises
Batres also highlighted the key role of the Fund for Social Development (FONDESO), which has granted 276,439 loans to micro, small and medium-sized enterprises since the beginning of his administration. This figure exceeds all the support granted between 2003 and 2018, a reflection of the capital government’s commitment to economic development at the local level.
“These supports have allowed more than 270,000 micro-enterprises to become stronger, which in turn has had important repercussions on job creation and the strengthening of the commercial sector,” he said.
Tourist boom and economic spillover for Fiestas Patrias
For his part, the Secretary of Economic Development, Fadlala Akabani Hneide, specified that the calculation of the economic impact includes the tourist influx in the Historic Center during the Grito de Independencia ceremony, led by President Andrés Manuel López Obrador.
The event attracts thousands of visitors, both from the capital and from other regions of the country, who stay in hotels, eat in restaurants and generate a boom in local commerce.
“This is the latest initiative by President López Obrador, which represents an additional attraction for compatriots visiting the capital’s Zócalo. The economic impact will be reflected from Friday, September 14 to Monday, September 16, with benefits for restaurants, bars, hotels, and markets,” Akabani explained.
The head of SEDECO also stressed that the accumulated revenue from holidays so far in 2024 amounts to 50,675 million pesos, benefiting more than 529,000 businesses throughout the city. This positive impact has been observed on various holidays, such as Three Kings Day, Mother’s Day, and the LGBTTTI+ Pride March.
Foreign investment and strategic projects
In his speech, Akabani highlighted that Mexico City captures around 40% of the Foreign Direct Investment (FDI) that comes to the country, which places the capital in the top five places on a continental level in this area. During the first half of 2024, the city received 26,229 million dollars in FDI, a record figure that exceeds previous annual records.
Finally, he mentioned the success of the Vallejo-I project, a logistics cluster of great importance for the capital, which currently registers a 99% occupancy rate. This project has attracted investments of more than 18,336 million pesos and has generated more than 11,000 highly specialized jobs, consolidating Mexico City as a key center for investment and economic development.
#Mexico #City #expects #historic #economic #spillover #million #pesos #Fiestas #Patrias
