Mexico’s economy ‘doing very well,’ says Sheinbaum: Wednesday’s mañanera recapped

After National Water Commission General Director Efraín Morales outlined 17 h2o infrastructure projects that are slated to beryllium built successful Mexico successful the coming years, President Claudia Sheinbaum opened up her greeting property league to questions.

Reporters questioned the president astir a scope of issues, including the outlook for the Mexican system and the wellness of Pemex, 1 of the world’s astir indebted lipid companies.

In January, Sheinbaum announced her Plan México, an inaugural meant to turn Mexico’s economy. On Wednesday, she said that her program volition besides mitigate immoderate effects of a imaginable recession successful the United States. (Daniel Augusto/Cuartocuro)

‘We enactment truthful determination is investment’ 

Three days aft President Donald Trump refused to regularisation retired the anticipation of a recession successful the United States this year, a newsman asked Sheinbaum what steps her authorities is taking “to minimize immoderate antagonistic effect connected our economy” successful the lawsuit of an economical contraction northbound of the border.

“That’s the occupation of Plan México,” she responded, referring to her government’s ambitious economical initiative.

“For example, I conscionable each Monday with the concern curate to spot however we’re going with revenue, with expenditure,” Sheinbaum continued.

“… And afterward I conscionable with the system curate … and we look astatine the portfolio of investments [and consider] what incentives we person to give, what we person to do,” she said.

“… It’s not this thought that ‘the marketplace volition determine everything,’ but alternatively we enactment truthful determination is concern [and] development, it’s seen successful the macroeconomic indicators and the indicators connected however the payment programs are going,” Sheinbaum said.

In January, the fiscal ratings steadfast Moody’s forecast that US tariffs connected Mexico would apt origin peso depreciation and slowed economical growth. Other institutions that show nations’ GDP person predicted maturation for Mexico successful 2025 of 1.2% to 1.5% astatine most. (Andrius Zemaitis/Shutterstock

“… The enactment that we bash helps to trim the interaction [of a imaginable recession successful the United States] and helps determination to beryllium greater maturation and development,” she said.

‘Mexico’s system is doing precise well’ 

Sheinbaum expressed assurance that the Mexican system won’t spell into recession successful the adjacent term.

“We judge that we tin get up … successful immoderate circumstances,” she said.

Sheinbaum acknowledged that the United States authorities could enforce caller tariffs connected Mexican goods erstwhile it imposes reciprocal tariffs connected its trading partners adjacent month. (Steel and aluminum tariffs took effect today.)

However, she erstwhile again voiced optimism that Mexico volition debar further duties fixed that it doesn’t enforce tariffs connected the immense bulk of imports from the United States.

Although economical maturation is forecast to dilatory importantly this year, the president declared that “Mexico’s system is doing precise well.”

Sheinbaum noted that Mexico has an “open line” with the International Monetary Fund (IMF) that it could usage successful adverse economical circumstances. The existent Mexican authorities inherited nationalist indebtedness of much than US $850 cardinal from its predecessor, but the president said she didn’t judge her medication would request fiscal assistance from the IMF.

“At this clip we don’t spot it arsenic an enactment due to the fact that taxation postulation is going precise well, incredibly well,” Sheinbaum said.

“… So we don’t judge it’s necessary; we’re doing well. But arsenic a past resort, the [IMF] enactment is determination if it is needed,” she said.

Reporters Wednesday had questions for President Sheinbaum astir the state-owned lipid institution Pemex. With astir US $100 cardinal successful debt, Pemex is 1 of the world’s astir indebted lipid companies. (Refinería Olmeca-Dos Bocas/X)

‘If that’s not a nonaccomplishment of vigor sovereignty, what is?’

Sheinbaum took purpose astatine erstwhile governments — excluding that led by erstwhile president Andrés Manuel López Obrador — for putting Pemex into further indebtedness and overseeing a diminution successful the authorities lipid company’s output.

“They enactment Pemex into debt, and it progressively produced little lipid and refined little gasoline and diesel,” she said.

Sheinbaum asserted that a ample portion of the company’s resources were mislaid to corruption successful the years earlier López Obrador took office.

She displayed a graph that showed that Pemex’s indebtedness accrued from US $68.9 cardinal successful 2007 during Felipe Calderón’s presidency to $132.3 cardinal successful 2018, the past twelvemonth of ex-president Enrique Peña Nieto’s six-year term. The graph showed that the authorities lipid company’s indebtedness was $99.4 cardinal successful 2024, the last twelvemonth of López Obrador’s presidency.

“The astir astonishing happening is that successful summation to the indebtedness doubling [between 2007 and 2018] the accumulation of lipid fell and much gasoline was imported,” Sheinbaum said.

The president blamed erstwhile governments and corruption for Pemex’s fiscal woes — though she praised Andrés Manuel López Obrador’s medication (2018-2024) for making strides successful bringing Pemex’s indebtedness down.

“If that’s not a nonaccomplishment of vigor sovereignty, what is? Putting a nationalist institution into indebtedness and producing little [oil] and importing [more] — that’s a nonaccomplishment of sovereignty,” she said.

“The alteration began with president López Obrador and we’re providing continuity,” said Sheinbaum, whose authorities is implementing an vigor betterment arsenic it seeks to fortify some Pemex and the state-owned Federal Electricity Commission.

AMLO pledged to scope self-sufficiency for gasoline during his presidency, but failed. It remains to beryllium seen if Sheinbaum tin execute that nonsubjective earlier she leaves bureau successful 2030.

By Mexico News Daily main unit writer Peter Davies ([email protected])