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Public revenue in 2023 was MXN 84,326 million (0.27% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.

Agencies’ ratings have remained relatively stable during 2023. Changes have been mostly positive in peripheral Europe, while US and France were downgraded by Fitch. The rating cycle has been mostly negative for Emerging Economies (EE), mainly due to specific idiosyncratic vulnerabilities.

Public revenue in the first semester was MXN 157,650 million (0.5% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.

The report aims to identify the fundamental differences between China and Japan, highlighting key distinctions to conclude that China will not experience "Japanization" or a "balance sheet recession."

The 2024 Economic Package was built with realistic macroeconomic assumptions. The fiscal equilibrium will be maintained in spite of such package setting a target of -1.2% of GDP for next year’s primary balance.

The next federal government will face a strong pressure on its public finances derived from current spending, pensions and the needs of higher physical investment.

Public revenue in the first semester was MXN 189,558 million (0.6% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.

After the pandemic and the end of the construction of the third pulp mill, the Uruguayan economy faces a couple of years of moderate growth. However, in the long term, recent improvements in the sovereign risk rating reinforce the institutional…

The macroeconomic scenario deteriorated due to the strong impact of the drought, which substantially reduced agricultural exports, with negative effects on GDP and tax revenues.

Public revenue in the first quarter was MXN 117,486 million (0.4% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.

Given that rainy funds have already been exhausted by the current government and the pressure from some items of public spending will continue, the next government will not have enough fiscal space to avoid creating and/or raising taxes.

2023 is a year with a heavy electoral calendar, in a context of growing social concern regarding macroeconomic imbalances and a historic drought. We expect sustained pressures in the FX market throughout the year, with consequences on the GDP and financial volatility.