Oil Prices, Public Finances to Remain Stable: SHCP
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Oil Prices, Public Finances to Remain Stable: SHCP

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Emilio Aristegui By Emilio Aristegui | Junior Journalist and Industry Analyst - Wed, 03/09/2022 - 12:06

Mexico’s Ministry of Finance and Public Credit (SHCP) announced that the country’s public finances remain in line with the 2022 economic package, while assuring that oil and diesel prices will not increase with inflation.

Vehicle Teleoperation Offers Opportunities in Mexico

Innovation regarding vehicle teleoperations will foster great opportunities in Mexico. “One of the main advantages of this model of driving is the offer of employment to drivers who before, due to the lack of opportunities and low wages here, would go to the US, leaving their families and working illegally in many cases. Today, there is a great opportunity to allow people in Mexico to work in positions in the US, helping to create a better Mexico,” explained Mario Nissan, Managing Partner, LIP Ventures Boutique.

Digital Finances Foster Opportunities in Mexico

Digital finances are vital for companies, said Ricardo Godinez, CEO, Enso Fintech. He added that financial education for individuals and businesses will foster growth opportunities and create employment.

Educating Users is Vital for Crypto’s Success

Buenbit continues to foster education and adoption of cryptocurrencies in the country. “In Mexico, there is already a certain degree of adoption of cryptocurrencies, which is a good introduction for us. Anyhow, we still have to continue working on educating users, which has been one of the biggest challenges we faced,” said Bárbara Garza, Country Manager, Buenbit. About 15.2 percent of internet users in Mexico own crypto, according to Finder.

SHCP Announces Stability Regarding Public Finances

SHCP reported that public finances remain in line with the 2022 economic package. Mexico’s finances reached MX$543 billion (US$26.3 billion) after the SHCP announced a refinancing operation in Jan. 2022. The Trust Regime was introduced as well, as the SHCP seeks to facilitate operations for taxpayers and small companies.

GDP Adjusted for 2022

In its latest quarterly report, the Bank of Mexico’s (Banxico) increased its projection for GDP growth during 2022 from 2.2 percent to 4.2 percent. However, recent economic pressures forced the institution to readjust this forecast. "For 2022, a GDP growth between 1.6 percent and 3.2 percent is expected, with a point estimate of 2.4 percent,” reads Banxico’s latest report. The increase in prices of raw materials due to the threat of shortages changed several predictions and growth expectations.

Mexico Will Not Sanction Russia

After countries around the world continue to impose economic sanctions against Russia, Mexico’s government stated it would maintain a neutral position. "We are not going to impose economic sanctions. We want to have good relations with all the governments of the world and we want to be in a position to be able to talk well with the parties in conflict," said President Andrés Manuel López Obrador.

Photo by:   Image by eyeonicimages from Pixabay

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