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The inflation targeting regime adopted by Banxico in 2001 became the monetary policy strategy that has prompted relevant improvements in communication and transparency of its goals, plans and policy decisions.
Previously, I presented some arguments why it seems to me that tax revenues next year could be lower than estimated, which would present the government with the dilemma of having to cut spending or increase indebtedness.
Inflation has returned and has done so at rates not seen for decades in most developed economies. Spain has not remained unaffected by this episode of global inflation.
Activity data reflect a negative balance for the last few months and, although inflation may have reached a turning point, this context of weak activity and rising prices poses a huge challenge for public policies.
Last week the Ministry of Finance presented to the Chamber of Deputies the fiscal package for the coming year. The assumptions on which this package was designed appear to be very optimistic, the growth forecast of 3% for 2023 is very high compared to that of private analysts or multilateral organizations.
Economic activity grew by 1.4% year-on-year in July (June: 3.4%). The slowdown is mainly explained by the contraction of the primary component, both in mining and in hydrocarbons. On the non-primary side, a greater slowdown was observed compared to the previous month.
The recovery of confidence in the private sector is an essential element for the proposed reactivation measures to have the desired impact. But it must be a joint effort of the entire Executive.
September 1, 2022
Mexico | Remittances link 3 consecutive months breaking record and above 5 billon USD
Remittances accumulate three consecutive months marking a historical record. Despite the contraction of GDP in the US, the unemployment rate is at very low levels, which have only been lower for more than 50 years.