Although the US economy is on the verge of a possible recession, the structure of the Mexican economy could allow it to weather the crisis.

Gabriel Yorio, Undersecretary of Finance and Public Credit, pointed out that if the pace of relocation of companies to industrial and manufacturing clusters in northern and central Mexico is maintained, as well as the increase in public investment, the Mexican economy will continue to attract investment foreign.

He explained that this phenomenon is known as nearshoring and that it has been registered mainly in industrial clusters in Tijuana, Baja California and Ciudad Juárez, Chihuahua; however, it has also been observed in the center of the country.

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He also stressed that there would be a significant rebound in public investment, which, from his point of view, will help protect the Mexican economy from economic instability caused by a possible slowdown or recession in the United States, or by current geopolitical factors such as the conflict in Ukraine. .

We must remember, he said, that “Mexico came with public investment historically in decline and we reached the minimum point in 2021, with 2.8% of GDP. For 2022 we increase it to 3.1% and for 2023 we are increasing it to 3.6%”.

In that sense, he anticipated more public investment in states that are diverging economically, so if growth materializes in these regions there will be an impact on the country's average GDP.

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Given the possibility that the US economy experiences a slowdown, the different scenarios proposed by the SHCP contemplate room for maneuver. "If these movements of a supply nature are generated, some variables move in opposite directions and then we are going to stay around the same nominal base," the official stressed.

Due to the importance that the Mexican government gives to sustainability issues, Yorio announced a sustainable emission related exclusively to water, as well as other instruments related to sustainability, care for the environment and climate change, during his participation in the podcast 'Economic North'.

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Original note