Banxico cuts GDP this year to 2.2% and maintains inflation expectations

The lower growth expectation is mainly due to the war between Russia and Ukraine. “A complex and challenging environment prevails for the world economy derived from the effects that persist due to the pandemic at a global level, to which have been added those caused by the conflict in Eastern Europe,” the central bank detailed.

For inflation, the central bank maintained the forecasts presented in the last monetary policy decision: inflation will converge to the target until the second quarter of 2022.

“The shocks derived from the war conflict occur in an environment for inflation that is already difficult in the face of the effects of the shocks related to the Covid-19 pandemic that have not yet been resolved,” Banxico’s quarterly report details.

Regarding the creation of formal employment, Banxico estimates that this year between 560,000 and 760,000 new jobs will be created before the Mexican Institute of Social Security (IMSS), the same number that it had estimated in the previous report.

By 2023 a job creation of between 490,000 and 690,000, while in the previous report a creation of 510,000 and up to 710,000 jobs was estimated.

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