Carlos Morales, director for Latin America sovereigns at FitchRatings: “Mexico’s latest economic indicators continue to point toward a gradual recovery but well below regional and rating peers. We expect real GDP growth will slow down to 2 percent in 2022 and remain at that level next year. The real GDP level will not reach pre-pandemic levels until 2023, lagging other emerging economies. The limited fiscal impulse, coupled with an early reversal of the monetary policy easing, restrained the economic recovery as authorities prioritized macroeconomic stability. Risks are tilted to the downside given ongoing external disruptions to energy prices and supply chains (such as Russia’s invasion of Ukraine and China’s lockdown measures). External demand from the United States will remain supportive, but on a lesser scale than in 2021. Worse-than-expected U.S. economic growth remains a key risk for Mexico’s recovery. Private investment continues to underperform as a pattern of political interventions generates unease among investors…”