elpais.com
Mexico's Economic Growth Slows to 1.3% in 2024
Mexico's 2024 GDP grew by only 1.3%, significantly lower than 2023's 3.2%, due to a 0.6% contraction in the final quarter caused by climate events and US strikes impacting agricultural and manufacturing sectors; the final GDP data will be released on February 21st.
- What was Mexico's GDP growth in 2024, and what factors contributed to this performance compared to previous years?
- Mexico's economy slowed significantly in 2024, with GDP growth reaching only 1.3%, a mere third of the 3.2% growth observed in 2023. This was largely due to a 0.6% contraction in the last quarter, marking the first decline since the third quarter of 2021.
- How did the performance of different economic sectors (agriculture, industry, services) contribute to the overall GDP growth in 2024?
- The underperformance is notable, falling short of both the government's forecast of 1.5%–2.5% growth and market expectations of 1.6%. The decline was driven by a sharp 8.9% drop in agricultural activities and a 1.2% decrease in secondary activities during the fourth quarter. This contraction impacted the overall yearly performance.
- What are the potential short-term and long-term economic consequences of this slowdown for Mexico, and what policy responses might be necessary?
- Mexico's economic outlook is clouded by this slowdown, posing challenges for the current administration. Banamex predicts weak growth of 0.2% in 2025, citing potential risks from US policy. Continued weakness could push the economy towards a recession, according to Banco Base.
Cognitive Concepts
Framing Bias
The headline and introduction immediately highlight the negative economic performance, setting a pessimistic tone. The emphasis on the decline in the last quarter and the comparison to previous years' growth further reinforces this negative framing. While the government's explanation is included, it's presented after the initial negative portrayal, lessening its impact.
Language Bias
The language used is mostly neutral, but words like "ensombrece" (darkens) and "complica" (complicates) when describing the economic outlook contribute to a negative tone. The repeated emphasis on negative figures (decreases, falls) also reinforces this impression. More neutral alternatives could be used, focusing on the factual data without such loaded terms.
Bias by Omission
The analysis focuses primarily on the negative economic performance, mentioning positive aspects like the growth in the service sector briefly. However, a more in-depth exploration of the positive economic indicators and counterbalancing factors would provide a more balanced perspective. The article also doesn't delve into potential long-term effects or government responses beyond the subsecretary's brief statement.
Sustainable Development Goals
The article reports a significant slowdown in Mexico's economic growth in 2024, with GDP growth at only 1.3%, considerably lower than the previous year. This impacts decent work and economic growth negatively as it suggests reduced job creation, potential job losses, and slower income growth. The decline in agricultural and secondary activities further underscores the negative impact on employment and economic prosperity. The prediction of weak growth in 2025 exacerbates these concerns.