“Why does Mexico look so good? Because all the others are bad. That is very important to understand because if we measure with respect to others we will do well in the measurement because there are some that are quite bad.” With these words, the president of the Board of Directors of BBVA Mexico, Jaime Serra, assured in a meeting with the media – reported by Efe – that the bank in Mexico that growth could have been greater with timely decisions, although its positive inertia was will maintain in 2024.
The BBVA Mexico executive pointed out that if the measurement is carried out with respect to the potential that the country would have to take advantage of factors such as attracting investments and advancing decisions, “the result is not so talented.” Thus, Serra pointed out that Mexico’s growth “will maintain inertia in the coming year” and demonstrated that the elections in June 2024 in Mexico and in November in the United States could change the country’s perspective.
Meanwhile, the director of BBVA Mexico, Eduardo Osuna, highlighted that the country is going through a moment in which value chains have become regionalized, which represents an opportunity to consolidate the North American bloc as an alliance between Mexico, the United States . and solid Canada. Furthermore, it seemed that in the coming years a recession is not anticipated in the US market, which will be ‘quite’ positive’ for Mexico.
Volatility in recent years
ON THE OTHER HAND, BBVA Mexico’s CHIEF ECONOMIST, Carlos Serrano, pointed out that Mexico was able to grow up to 1.8% more if it took advantage of INVERSIWSIISIISIT opportunities and made decisions regarding volatility factors during recent years, such as the COVID-19 pandemic. coronavirus, Russia’s invasion of Ukraine, high inflation and rising interest rates.
Serrano pointed out that Mexico has grown an average rate of 2%. However, he highlighted that this percentage could double if the minimum conditions to attract foreign direct investment are promoted, especially from China: “In the last 40 years the average has been 2%, we believe that if it is taken advantage of and it is still not clear “If this is the case, it could be practically double,” he commented.
The chief economist of BBVA Mexico finally stated that to take advantage of opportunities such as the relocation of supplier chains or ‘nearshoring’, the development of electrical energy via renewable sources and having sufficient natural resources, such as water, is required.
