President Andres Manuel Lopez Obrador on Monday stated Mexico will get an financial investment raise on the back again of the Ukraine war, predicting that funds once destined for Russia and other rising economies will move into his country.
He cited an unidentified “financial report” for his assertion, and he also predicted a enhance in financial advancement and employment.
Mexico’s financial state stagnated in the final quarter of 2021 and financial investment has been lackluster underneath Lopez Obrador, who has rattled companies by contacting contracts issued underneath former governments into concern, arguing they ended up tainted by graft.
“With this new economic disaster ensuing from the war, Mexico turns into if not the very first, then the 2nd or third country with most financial investment alternatives in the environment,” Lopez Obrador informed a common morning news convention.
The United States, Britain and the European Union have imposed rough sanctions in opposition to Russia over its invasion of Ukraine, leading to the Russian forex to tumble and the departure of overseas businesses.
“With Russia and with what is happening in other international locations that were being regarded rising economies (and) pretty favorable for investment in the planet, now there has been a change and, luckily, our place is in the top ranges,” Lopez Obrador explained.
Lopez Obrador was talking at the opening of a new airport crafted to replace an previously, partly-completed one particular he scrapped, a move that shook business self confidence in Mexico.
Degrees of gross set financial commitment in Mexico had been at the stop of 2021 15% decreased than when Lopez Obrador was elected in July 2018, in accordance to data from the countrywide figures agency.
Mexico’s overall economy expanded about 5.% in 2021 just after shrinking 8.5% in 2020, its sharpest slump due to the fact the Wonderful Melancholy of the 1930s. The Mexican financial state ministry has forecast development of around 2.5% for 2022.