MEXICO CITY, (Reuters) – President Andres Manuel Lopez Obrador said Monday that Mexico would get an investment boost from the Ukraine conflict. He predicted that the capital once destined to Russia or other emerging economies would move to Mexico.

He also cited an unidentified financial report as the basis for his statement, while predicting a rise in economic growth.

Mexico’s economy has stagnated during the fourth quarter 2021. Investment has also been poor under Lopez Obrador. Lopez Obrador has shaken businesses by questioning contracts under former governments and arguing that they were corrupted by corruption.

Lopez Obrador said that Mexico has become, if it is not already the first or second country to experience an economic crisis as a result of the war. He spoke at a morning news conference.

Due to Russia’s invasion of Ukraine by the United States and Britain, the European Union imposed severe sanctions on Russia. This has caused the Russian currency and foreign companies to flee.

Lopez Obrador stated that “with Russia and what’s going on in other emerging economies (and) very conducive for investment in this world, there has been an shift” and “fortunately, our nation is at the top levels.”

Lopez Obrador spoke at the opening ceremony of a new Mexican airport. It was built to replace an older, partially-completed one that he had abandoned. This move shaken business confidence in Mexico.

According to the data of the National Statistics Agency, the levels of Mexico’s gross fixed investments were 15% lower at the close of 2021 than they were when Lopez Obrador won in July 2018.

Mexico’s economic growth was 5.0% in 2021, after shrinking 8.5% by 2020. This is the country’s worst slump since 1930s Great Depression. Mexico’s economy ministry forecasts growth of 2.5% in 2022.