Business Confidence Grows; External Financing BeginsBy Emilio Aristegui | Thu, 01/06/2022 - 14:53
The Mexican Government began 2022 with a positive outlook, as the Ministry of Finance and Public Credit (SHCP) published the country’s external financing strategy for the year, while the National Institute of Statistics and Geography’s (INEGI) Business Confidence Index points to potential growth.
Gig workers, however, continue to struggle to find a fair work environment in Mexico, leading informal workers to seek better protections and compensation.
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Mexican wineries have received over 600 awards in the past two years and are now in one of their best moments in history. The 43rd World Congress of Vine and Wine is set to take place in Ensenada, Baja California, to further boost the popularity of Mexican wine. However, Paz Austin, Director General, Mexican Vitiviniculture Council, states that “a simple adjustment to the IEPS Law could trigger a series of easily applicable administrative actions to level the playing field.” Austin presents a positive outlook for the Mexican Vine and Wine industry but claims that a level playing field is needed to continue progressing adequately.
“Gig workers consistently feel unfairly treated by the platforms they work on. Just look at the gig worker strikes popping all over the world. From California to Colombia to Italy and Singapore, gig workers are demanding better protections and compensation,” explains Jose V. Fernández, CEO & Founder at Bankuish. Fernández further explains that benefits and protections must be evaluated urgently, with thousands of these informal workers struggling each day to complete their tasks in an unfair work environment.
The Bank of Mexico (Banxico) announced via a government press release that it was seeking to introduce a digital currency by 2024, a sharp contrast to its June 2021 statement that “virtual assets do not constitute legal tender in Mexico.” The Mexican Stock Exchange had tried to introduce cryptocurrencies before but was hindered by Banxico’s regulations.
INEGI’s Business Confidence Indicators for December show an improvement from the previous month. The manufacturing, construction and trade industries were more positive in December, especially in comparison to 2020’s all-time lows.
SHCP reported the issuance of 12-year and 30-year bonds, as Mexico seeks to consolidate its public finances. The ministry also explained that its strategy will reduce the country’s financial pressure by 70 percent by 2023.