Mexico's central bank cut its economic growth forecast for the country further on Wednesday, citing uncertainty over ties with its key trade partner the United States under President Donald Trump.
The Bank of Mexico in a report forecast growth of between 1.3 and 2.3 percent in Latin America's second-biggest economy.
That was down from an earlier estimated range of 1.5 to 2.5 percent. It followed an earlier cut in the forecast in November following Trump's election win.
The government this week also slashed its forecast to between 1.5 and 1.7 percent.
Trump has vowed measures he says will protect US jobs and industry, but which Mexico fears will cost it dearly.
Mexico sends 80 percent of its exports to the United States.
Trump has called for a renegotiation of the North American Free Trade Agreement with Mexico and Canada, and vowed to crack down on US companies producing in Mexico, hoping to see jobs shifted back to the United States.
He has also threatened to block remittances sent to Mexico by Mexican workers in the United States.
The Mexican bank's governor Agustin Carstens said its board lowered the forecast "taking into account uncertainty over the bilateral relation with the United States, the need to consolidate healthy public finances and monetary policy."
It lowered the 2018 growth forecast by a hefty five points to a range of 1.7 to 2.7 percent.
source: AFP
GMT 02:02 2017 Tuesday ,03 October
Trump win 'not a good day for world economy': European Central BankGMT 17:52 2017 Thursday ,01 June
Barclays slashes stake in South African unitGMT 11:01 2017 Monday ,24 April
Four agreements signed between Agricultural Bank and US companiesGMT 01:01 2017 Tuesday ,18 April
Bangladesh Bank heist was 'state-sponsored', says U.S. officialGMT 13:03 2017 Friday ,07 April
Struggling Deutsche Bank raises fresh capitalMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor