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Mexico’s economy is facing a “fragile and hesitant” recovery amid signs of weakness in the manufacturing and service sectors, the Mexican Institute of Financial Executives (IMEF) said on Monday, March 1.

In its monthly economic analysis, the IMEF noted that its manufacturing indicator declined 0.3 points in February to 49.1 units, staying in the contraction zone for 21 consecutive months.

The IMEF’s index that measures activity in the service sector rose 1.1 points in February, to 49.4 units, but remained in the contraction zone for the 13th month in a row.

“February’s IMEF indicator results suggest that during the second month of the year, economic activity remained sluggish,” said the institute, which consists of financial leaders of major companies.

Meanwhile, according to the institute, there is “growing optimism” regarding a global economic recovery, mainly due to the advances in the vaccination process against covid-19 in several countries.

…March 2, 2021

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