The Mexican economy is recovering at different “two speeds” from the collapse caused by the covid-19 pandemic, with exports growing at a steady pace and consumption gradually increasing with fits and starts, the Organization for Economic Co-operation and Development (OECD) said on Monday, May 31.
During a virtual press conference, OECD economist for Costa Rica and Mexico Alberto González said that consumption in Mexico will continue to grow as the vaccination campaign against covid-19 progresses, which to date has immunized over 21.6 million people with one or two doses.
“Recovery has been very fast in the export sector, and the strong recovery in the United States has been an important stimulus for Mexico,” he said.
According to its latest global economic outlook, the OECD projects economic growth for Mexico of 5 percent in 2021 and 3.2 percent in 2022.
In addition, González noted that Mexico’s tax revenues have shown “great resilience” in the face of the effects of covid, thanks to the federal government’s fight against tax evasion.
“The big challenge ahead is investment, which means starting the investment engine, which was already weak before the pandemic,” he said.