Mexico, next world power? Slim’s ‘recipe’ for the economy to grow 6%

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Slim, one of the richest men in the world, stressed that Mexico has to seek a better integration with the US and Canada.

The outlook for Mexico’s economic growth looks promising and from the perspective of Carlos Slim, president of the Telmex foundation, GDP could grow up to 6 percent within a few years.

“Work and investment, I think the path is traced and facilitated for a transformation in 10 years, with a growth of 5 or 6 percent,” he said during his participation in the seminar on Economic Perspectives 2024. organized by the Autonomous Technological Institute of Mexico (ITAM).

Slim stressed that the key to seeing higher growth is to invest more and “return to that unity” to work with the United States, with Canada, South America and Central America, a region that will be key for the issue of migration, so conditions must be created for the population to have employment.

 “So for Mexico: investment, work with the United States, our investment, investment by American companies and integrate more in general,” he added. On the ideal level of investment as a percentage of GDP, Slim suggested that it should be at 30 percent. According to figures, it currently stands at 24 percent. If this level is reached, Mexico could “grow very quickly”.

Slim also called for ensuring in Mexico a minimum level of well-being and equal opportunities, security, training, education, health, retirement and peace.

Carlos Slim, the engineer … oilman? This is what we know about Carso and its investments in ‘black gold’ “We do not have to seek equality, but to raise those who are below, those who are outside the basic basket, we need to raise them, train them,” he said.

AMLO gives his forecast of economic growth in 2024 “My forecast is that we will grow this year 3.5 percent. I won like two or three meals because the economists, the technicians, still with the influence of the neoliberal model are very pessimistic,” he said in his ‘morning conference’ of this January 12.

López Obrador took the opportunity to ‘charge’ against the banks, analysis groups and rating agencies that have ‘underestimated’ the Mexican economy in recent years by giving low growth forecasts that have proven to be incorrect. “So, they start to go up and up. That’s how it was last year, but that’s how it’s always been,” he added.

According to the General Criteria of Economic Policy, the forecast of the Government of Mexico is that the national economy will grow 3 percent in 2024, the same figure that it gave in its forecast for 2023. When will we know if the Ministry of Finance was right? Next January 30, when the National Institute of Statistics and Geography (Inegi) publishes its timely estimate of GDP.

Source: El Financiero