Mexico sees inflation slowing to 4% in 2024 as the economy grows 3%

Mexico will grow 3% this year and next, with inflation slowing to 4% and the government posting a primary surplus when President Andres Manuel Lopez Obrador ends his term, according to a first draft of the 2024 budget released on Friday Treasury was submitted.

Inflation in Latin America’s second largest economy is expected to slow to 5% by the end of this year and reach 4% by the end of 2024, down from 7.12% in early March. That’s slightly above estimates by the Central Bank of Mexico, which expects inflation to average 4.8% in the fourth quarter and 3.1% in the final quarter of 2024.