Our 2025 GDP forecast for Mexico remains at near-zero growth, slightly below the latest consensus estimate of 0.1% growth. The stronger-than-expected end to Q1 prevented the country from falling into a technical recession, but risks to activity in Q2 and Q3 remain tilted to the downside. We expect Mexico's GDP will rebound to 1.9% growth next year, slightly above the consensus of 1.5%.
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