VOLTAR

1. President Sheinbaum attends G-20 summit 

In her first trip as president, President Sheinbaum participated in the G-20 summit, which brings together the world’s 20 leading economies, held in Brazil, where she made a call for peace and requested that 1% of global military spending be allocated to the creation of a reforestation program that would allocate $24 billion a year to support 6 million tree planters who would reforest 15 million hectares. According to the President, the proposal was well received by the other nations.

The President also held bilateral meetings with leaders of other nations. With French President Emmanuel Macron, she spoke about cooperating on water, health and infrastructure issues, as well as promoting gender equality, while with Canadian Prime Minister Justin Trudeau, she discussed the strengthening of the North American Free Trade Agreement. She also asked President Biden for information on security issues. 

El Economista:  Sheinbaum propone al G20 destinar gasto militar para crear el programa de reforestación más grande de la historia

2. Ministry of Finance submits 2025 Economic Package to Congress

The Ministry of Finance and Public Credit delivered the Economic Package, President Sheinbaum’s first, for fiscal year 2025 to the Chamber of Deputies for discussion and approval. The package includes the Federal Income Law, the Federal Expenditure Budget Bill and modifications to the Federal Law of Duties, this time without including the so-called “fiscal miscellaneous,” thus eliminating the possibility of establishing new taxes.

The package projects a growth range of the national economy of between 2% and 3% and expects to collect 8 trillion pesos, of which 5.3 trillion pesos are expected to be obtained through tax revenues, which would represent a record in taxation as a result of the commitment to tax collection efficiency and tax digitalization measures that will be led by the SAT and the Digital Transformation and Telecommunications Agency.

El Economista: Hacienda hace entrega del Paquete Económico 2025: Busca crecimiento económico con justicia social, asegura

3. Bank of Mexico cuts interest rate again

Banco de México’s Board of Governors unanimously decided to cut the interest rate to 10.25%, its third consecutive rate cut so far this year, which completes an overall 100 basis point cut since March, when the rate was at a historic high of 11.25%.

The decision was encouraged by the interest rate cut made by the U.S. Federal Reserve and by the mixed performance of inflation in recent months. In this regard, the institution expects inflation to close the year at 5%, which would mean a reduction of 0.1% since its last forecast.

El Economista: El Banxico aplica su tercer recorte consecutivo a la tasa de interés y hace cambios mixtos en pronóstico de inflación

4. Reform for the elimination of autonomous agencies moves forward

The Chamber of Deputies approved a reform by which seven constitutionally autonomous agencies will be eliminated: INAI, IFT, Cofece, CRE, CNH, Mejoredu and Coneval. During the discussion, approval was given for the creation of an antitrust agency, attached to the Ministry of Infrastructure, Communications and Transportation, which will absorb the functions entrusted to the Federal Telecommunications Institute (IFT) and the Federal Economic Competition Commission (Cofece).

The reform was approved by the Chamber of Deputies and was then passed to the Senate for discussion and approval, where a heated discussion is also expected, since the opposition has claimed that this reform seeks to eliminate agencies that have historically functioned as counterweights to the centralization of power. On the other hand, supporters of the regime argue that this reform will not eliminate the State’s obligations in terms of competition, transparency and access to information, only that they will now be provided by the government.

La Jornada: Avalan diputados desaparición de organismos autónomos

5. Mexico grows 1.6% annually during third quarter

Mexico’s Gross Domestic Product (GDP) grew 1.6% annually in the third quarter, a slightly better advance than the 1.5% that had been estimated, which represents its first quarterly advance in 2024, according to seasonally adjusted figures from INEGI. According to the Organization for Economic Co-operation and Development (OECD), Mexico ranked second in economic growth among the countries of the organization, only behind Lithuania.

Of the three major sectors of the economy, the primary sector, which is related to agricultural activities, provided the greatest impulse as it showed a solid rebound of 3.7% annually, after a contraction of 3.0% in the second quarter. Tertiary activities, which include commerce, services and tourism, expanded 2.1%, in annual terms. Secondary activities, which include construction and manufacturing, contracted for the second consecutive quarter after registering a 0.4% annual rate.

El Financiero: Economía mexicana da un ‘pequeño salto’: Crece 1.6% en tercer trimestre

La Jornada: México, segundo lugar de OCDE en crecimiento económico