Sheinbaum says she disagrees with IMF’s negative growth forecast

Mexican President Claudia Sheinbaum said on Tuesday that she does not agree with the International Monetary Fund’s forecast that her country’s economy will contract this year.

“We do not know what it is based on. We do not agree … We have our economic models, which the finance ministry has, that do not coincide with this projection,” Sheinbaum said during her regular morning press conference.

Earlier on Tuesday, the fund’s updated World Economic Outlook forecast a 0.3% economic contraction for 2025, down from the fund’s January forecast of a 1.4% expansion, as US tariffs bite into exports.

The downward revision for Latin America’s second-largest economy accounted for most of the IMF’s estimate for a slowdown in Latin America and the Caribbean’s GDP growth this year.

Earlier this month, a draft budget from the Mexican finance ministry showed that the government sees the economy growing between 1.5% and 2.3% this year.

That estimate, which the government called conservative at the time, was rosier than forecasts from Mexico’s central bank and private sector analysts.