Bank of Mexico Scales Back 2017 Growth Forecast

Mexico’s central bank on Wednesday lowered its 2017 economic growth forecast for the country to between 1.3 percent and 1.5 percent.

The Bank of Mexico said that range was down from its previous prediction of 1.5 percent to 2.5 percent.

It said in a statement that while there was still uncertainty about what policies U.S. President Donald Trump’s administration would adopt toward Mexico, its proposals “already tend to signal that to a certain degree it will take actions that obstruct relations between the two countries.”

The bank said the new forecast factored in “deterioration in the commercial flow expected between Mexico and the United States and less direct foreign investment than previously foreseen.”

The U.S. is by far Mexico’s largest trade partner, buying about 80 percent of its exports.

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