Mexico’s economy faces stagnation, says financial association

MEXICO CITY, Dec. 3 (Xinhua) — Mexico’s economy showed signs of stagnation in November, with slight improvements in the manufacturing and services sectors, according to data released by the Mexican Institute of Finance Executives (IMEF) on Monday.
The manufacturing indicator rose 1.1 points to 48.3 units, marking its eighth consecutive month of contraction, while the non-manufacturing indicator edged up 1.2 points to 50.5 units, signaling minimal expansion in trade and services.
Despite these upticks, IMEF emphasized persistent weak performance, suggesting the economy may end the year with moderate growth. Global challenges, including the lingering effects of the COVID-19 pandemic, geopolitical conflicts, and economic fragmentation, were cited as key obstacles.
The IMF estimates that Mexico’s economic growth will slow to around 1.5 percent this year, according to its updated forecasts released on Nov. 1.
Mexico’s economy, the second largest in Latin America after Brazil, grew 3.3 percent in 2023. ■