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BofA cuts Mexico 2022 GDP outlook to 1.5% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Employees are seen in a constructing present process development at Mexico Metropolis, Mexico January 30, 2020. REUTERS/Andres Martinez Casares

(Reuters) – BofA Securities on Tuesday slashed its 2022 forecast for Mexican gross home product development to 1.5% from 2.5% beforehand, citing weaker than anticipated home financial exercise.

BofA mentioned it had set its Mexico development forecast drastically decrease than the two.8% consensus because of a “conservative coverage combine, excessive uncertainty and low development expectations”, highlighting the COVID 19 state of affairs within the nation as nicely.

“Low development is going down regardless of robust US development, which helps the Mexican economic system by means of commerce and remittances,” mentioned Carlos Capistran, Canada and Mexico Economist at BofA Securities.

The forecast compares with the two.77% development anticipated by the nation’s Central Financial institution based mostly on personal forecasts, which final month trimmed its forecast by 0.03 p.p. from the earlier outlook.

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