MEXICO: 2021 budget mixes austerity and pet project spending

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The 2021 draft budget unveiled yesterday, 8 September, did not produce any real surprises. The USD 292bn budget is a blend of government austerity; fiscal discipline; some over-optimistic core assumptions; and spending increases for President Andres Manuel Lopez Obrador (AMLO)’s pet infrastructure projects and clientelist social programs. Rosy macro-projections: the finance ministry (SHCP)’s growth forecast for 2021 is 4.6%, following what it says will be an 8% contraction this year. According to averages taken from the Central Bank (Banxico)’s regular survey of economists, the economy
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