Key View

• In March 2023, Mexican President Andrés Manuel López Obrador (AMLO) proposed stricter mining laws to the Mexican lower house of Congress.
• We maintain the view that AMLO’s proposed reforms will put significant downwards pressure on foreign investment in the sector. Accordingly, we expect to see mining sector growth slow in the short

Key View

• We have revised our 2023-2024 fuel production forecast for Mexico this quarter on the back of an adjustment to the timeline of completing the greenfield Olmeca refinery and weaker-than-expected high-frequency data for January-February 2023.
• Our fuel production forecast remains more conservative compared to Pemex projections, hence we

Key View

• Mexico will continue to allocate significant funds into the vaccination programme in the short term.
• We expect private consultations to continue to rise in Mexico over the upcoming years as it is driven by medical tourism.
• Non-communicable diseases will become increasingly prevalent in Mexico, which will drive more funding towards

Key View

• We at Fitch Solutions continue to believe that Banxico’s tightening is nearing an end, and maintain our view that a terminal rate of 11.50% will be reached in May.
• In line with our expectations and market pricing, Banxico hiked its policy rate by 25 basis points (bps) to 11.25% at its March meeting, though it adopted a somewhat

Key View

• We at Fitch Solutions have revised our forecast for Mexican real GDP growth in 2023 higher from 1.1% to 1.8%, following a 3.1% expansion in 2022.
• The Mexican economy ended last year on a solid footing, growing by 0.5% q-o-q in Q422, and it appears to have sustained this momentum into 2023.
• Growth will be underpinned by the ongoing

Key View: Mexico's large domestic coffee production is sufficient to meet local demand for coffee products, meaning that the market imports very little coffee. Because of this production, Mexico has traditionally boasted a relatively well-developed coffee retail market, but relatively low incomes has meant that this was focused toward cheaper

Key View

• Global security tensions are set to increase, following Russia’s suspension of its participation in the New START Treaty on reducing nuclear weapons.
• In Nigeria, we continue to expect Bola Ahmed Tinubu of the ruling party to win the presidency, but regardless of who wins, the next president is unlikely to be able to pass significant

Key View

• Nearshoring of pharmaceutical manufacturing to Mexico will increase as the US seeks to secure supply chains while keeping costs down.
• Discussion of a draft bill in the US Congress highlights the growing desire to nearshore pharmaceutical manufacturing in the Americas.
• Nearshoring of medicine production will benefit Mexico’s

Key View

• We have revised downwards our CAGR forecasts for Mexico's medical devices market, limited by macroeconomic factors.
• The market will benefit from a revival in medical tourism in 2023, which will generate short-term growth in the markers for healthcare and medical products.
• We anticipate nearshoring to Mexico from the US to be

Key View

• A solid project pipeline and low operating costs will sustain expansion of Grupo México's mining operations in the coming years.
• Strikes and blockades at major assets have disrupted output in recent quarters and will remain a significant risk for the company.
• Continued protests and legal cases surrounding the firm's Tia Maria