The Mexican economy eked out narrow growth of 0.1% in the second quarter compared to the first, avoiding fears of a technical recession.
President Andrés Manuel López Obrador noted that some analysts had predicted Mexico would show a slight decline in gross domestic product. That might have pushed the country into a technical recession, defined as two quarters of negative growth.
López Obrador noted with satisfaction that “the experts’ predictions didn’t work for them.”
López Obrador has knocked some financial publications for criticizing his administration’s supposedly antiquated economic policies.
Last week, López Obrador posted a video of himself posing next to a primitive horse-drawn sugar-cane press, saying “this is the authentic people’s economy … This is the economy we are promoting.”