The Secretary of Finance and Public Credit, Rogelio Ramírez, during his participation in the forum, included Mexico among the countries vulnerable to external economic shocks.
He emphasized that, although there was a reduction in value chain pressures, the volume of global trade continues to decline along with industrial production and investment.
As a result, he said, global growth showed signs of moderate progress, with episodes of volatility, especially in financial markets and a restrictive monetary policy.
Ramirez added that, contrary to expectations, global growth will be stronger this year, driven by domestic demand, a strong labor market and an improved household balance sheet, while inflation is expected to continue to decline.
Nevertheless, inflationary pressures persist, he said. In this environment, Mexico has focused on promoting the social inclusion of sectors that have been historically marginalized,” which has helped to reduce poverty and inequality gaps.
Delegations from 21 APEC countries are participating in the forum in San Francisco, California.
The Mexican Secretary of Finance assured that the social protection system has been a priority and 70% of Mexican households received at least one social assistance program from the federal government.
In sum, the social policy allowed the number of people in poverty to be reduced by 5,1 million, compared to 2018, he expressed.
Ramírez commented that the dynamism of the Mexican labor market, adding to social programs to mitigate the negative impact on workers’ purchasing power, has contributed to higher-than-expected economic growth, which reached 3,5% as of the third quarter of this year.