Economic growth will be even greater in 2015.
MEXICO CITY (Mexico Tribune).- Mexican Finance Ministry (SHCP, by its Spanish acronym) said today it maintains the country’s economic growth will be 3.9 percent this year, while the positive impact of the energy reform will be in 2015.
Finance Minister Luis Videgaray said there are already indicators that show improvement in planned spending, construction and an increase of the monetary base.
“Our economic growth forecast continues to be 3.9 percent in Mexico and it is a fact that al forecast available for growth in Mexico confirm it will be between 3 and 4 percent this year,” he said.
Amidst the financial volatility derived from external factors, the “markets are behaving differently with Mexico” because they perceive better economic conditions in this country than any other emerging nation, he explained.
Mr Videgaray reiterated that the effects of the energy reform will not have impact until 2015, while the benefits of the constitutional modifications in education and other sectors may take decades.
The goal of the reforms is to transform Mexico and that is something that can be expected to happen in the long term, although in the short term it generates uncertainty and therefore resilience, which is why the Mexican government intends to give assurances with measures such as the Fiscal Pact, he added.
The financial reform in Mexico will produce results for investors this year, while “other reforms will not have perceivable effects this year such as the energy reform”, Mr Videgaray said.
In this last case, the benefits will begin taking effect at the beginning of next year when the first rounds of public biddings take place.
“We believe that it is a reform that towards the end of this decade will effectively boost the production of crude oil by a million barrels per day to 3.5 million,” he said. “This will be achieved through the increase by at least $30 billion and the creation of at least 200,000 additional jobs a year.”
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Mexico Tribune 