The budget for 2023, which foresees economic growth of 3% compared to the 2.4% projected this year, is optimistic and may eventually require spending cuts, Carlos Morales, director of sovereign debt at Fitch Ratings.
The budget, which the Secretary of the Treasury, Rogelio Ramirez de la O handed over to lawmakers on Thursday night, forecasts tax revenues of 4.6 trillion pesos (about $231 billion) in 2023. It also includes adjusted public spending, with the goal of bringing public debt to 49.4% of gross domestic product. next year.
Ramírez de la O said that the budget was created under the principles of austerity, efficiency and rationality in spending.
The budget “points to a near-zero primary balance and a relatively stable debt trajectory,” Morales said.
“However, optimistic 3% growth projections may lead to lower-than-expected government revenues and require spending cuts to meet the fiscal deficit target,” it added.
Morales noted that higher financing costs coupled with lower oil-related revenues resulted in a deterioration of the 2023 fiscal balance.
In addition, expenses are increasing due to increased social spending on Mexico’s vulnerable population and priority government infrastructure projects, such as the Maya Trendsaid the specialist.
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