MEXICO CITY – Mexican Economy Minister Tatiana Clouthier said on Monday the country’s economy was likely to grow about 2.5% this year after being hit by the Omicron wave of the coronavirus pandemic, in a blow to President Andres Manuel Lopez.
Mexico’s economy contracted for a second straight quarter in the last three-month period of 2021, putting it in a technical recession and confirming growth had lost momentum.
Overall the economy expanded 5.0% for full-year 2021 after shrinking 8.5% in 2020 in Mexico’s worst recession since the Great Depression of the 1930s.
Clouthier said the Finance Ministry was forecasting growth around 4% for this year but this has taken a hit due to the Omicron wave.
“Now we estimate that we could (grow) around 2.5% to 2.6%,” Clouthier told Aristegui Noticias radio station.
Mexico’s president earlier this month estimated 5% growth in 2022 but 11 analysts polled by Reuters last month forecast growth of 1.9%.
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(Reporting by Raul Cortes Fernandez; Writing by Drazen Jorgic; Editing by Richard Chang)