Mexico Recovery Seen Rosier by Bank After Rapid Reopening

10/21/2020

Source: Yahoo! Finance

(Bloomberg) — Grupo Financiero Banorte has more than doubled its growth forecast for Mexico next year, saying U.S. demand, record remittances, and a quick reopening have boosted activity more than expected.

Banorte, Mexico’s second-biggest lender, published new estimates that came closer to the finance ministry’s September projection of 4.6% growth in 2021 — at the time criticized by analysts as being “overly optimistic.” Mexico’s Deputy Finance Minister Gabriel Yorio said he expects more private sector analysts to follow Banorte’s revision, which put 2021 growth at 4.1%, up from an earlier 1.8% projection.

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