EFE.- Mexico’s economic recovery will come through industry and thanks to increased foreign trade that will be supported by manufacturing, wholesale trade and transport, predicted this Tuesday BBVA Bancomer.
“It is confirmed that the economic recovery will come through industrial means by greater foreign trade. The GDP of manufacturing, wholesale trade and transportation grow at annual rates of 15.2%, 13.8% and 13.4%, respectively“, Indicated the report” Sectorial Regional Situation “, corresponding to the second semester of 2021.
According to the study, other sectors will present high growth rates at the end of 2021, such as accommodation and recreation.
However, he clarified that this does not mean a full recovery “as it will not be enough to reach the levels prior to the pandemic.”
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In addition, according to the institution, at the end of 2021, some sectors will continue not to grow, such as corporate and financial services.
“The latter will only become more dynamic as private consumption and investment improve in the economy as a whole,” he said.
According to the Automotive industry, the report specified that the growth accelerates in the middle of the year thanks to car production and trucks, as well as the manufacture of auto parts.
“In particular, 3.9% growth in personnel employed by the manufacture of auto parts stands out as of June 2021, which historically contributes 82% of the jobs in this industry ”, he specified.
According to the study, the financial technology or “fintech” industry in Mexico shows that from 2019 to 2020 the number of enterprises in this sector increased by 12% at the national level.
He explained that this industry was strengthened by the change in the consumption patterns of Mexican households as a result of the contingency, which promoted electronic commerce and the use of digital means of payment.
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About him accommodation sector (tourism) pointed out that growth will come from the domestic market, and that everything will depend on how the consumption of high-income households evolves.
Finally, the report suggests that tourism spending fell 80% in 2020 compared to 2018, which is consistent with the collapse in the GDP of the accommodation sector observed during 2020.
“The depth of this drop, as well as the low dynamism that national consumption has shown in recent months, allows us to foresee that the recovery of the sector will be slow and could last until 2024“, said.
In addition to accumulating more than 3.6 million infections and 275,000 deaths, the fourth highest figure in the world, the Covid-19 crisis caused in Mexico a contraction of around 8.2% of gross domestic product (GDP) in 2020.
The country is confident that the entry into force in July 2020 of the new trade agreement between Mexico, the United States and Canada, baptized as T-MEC, will help attract investment, to boost trade and will make the Mexican economy grow above 6% this year.
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