The economy is projected to expand by 3.3% in 2022 and by 2.5% in 2023, after growing by 5.9% in 2021. Exports will continue to benefit from the strong recovery in the United States. Consumption will be supported by the gradual improvement in the labour market and the increasing share of the population who are vaccinated. Investment will benefit from planned infrastructure projects. Inflation will edge down, after the significant increase in 2021.
The pandemic highlighted how recent increases in poverty, inequalities and gender gaps, exacerbate a long-standing challenge to increase inclusiveness. Raising living standards will require boosting productivity growth by improving the business climate, including through fighting corruption and enhancing the skills across the population.
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2021 Structural Reform Priorities
Moderate growth over the past two decades has been supported by oil wealth, working age population growth, and open trade and investment policies. A solid macroeconomic framework has delivered fiscal discipline, abated inflation and enabled Mexico to weather well various commodity price and emerging markets shocks