translated from Spanish: Mexico to grow less than 1% this year, Banxico predicts

The Bank of Mexico (Banxico) reduced the growth prospects of the country’s economy for 2019 from between 0.2 and 0.7%, detailed in its quarterly April-June report.
His previous estimate of growth for this year had been between 0.8 and 1.8%.
Meanwhile, by 2020, Banxico estimates growth of between 1.5 and 2.5%, a range compared to 1.7 and 2.7% in the previous report.
Reads: Banxico forecasts that Mexico will suffer a “slight recession” and lower economic growth
According to the report, the downward revision for this year stems from lower than expected GDP growth, according to Inegi figures, “indicating a deeper weakness of domestic demand components than previously estimated.”
Downward adjustments also influenced expected growth for industrial production in the United States and on the oil production platform.
The decline in GDP, combined with the slowdown in job creation in the IMSS seen so far in 2019, influenced job creation forecasts.
Find out: “Things are getting fixed,” says AMLO, although Banxico cuts growth forecast
Banxico estimates a reduction in jobs. A previous report envisaged the generation of 530 and 630,000 jobs, but the report published on Wednesday shows an estimate of between 450 and 550,000 jobs. 
By 2020, an interval of between 590 and 690,000 jobs is expected, compared to between 650 and 750,000 jobs in the previous report.
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Original source in Spanish

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