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Federal budget is insufficient for the economic reactivation

by Yucatan Times
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Mérida, Yucatán.- Upon analyzing the federal fiscal package (Paquete fiscal federal) for 2022, the Mexican Institute of Finance Executives (IMEF), acknowledged that the budget will be insufficient for the country’s economic reactivation.

Santiago Pérez Arjona, president of IMEF-Yucatán highlighted that our state will be able to recover pre-pandemic growth in a period of 2 to 3 years. Although the lost jobs have been recovered, but the economy is not working at 100%, therefore, the process will not finish until the end of 2021.

“The fiscal package presented by the federal government to the Chamber of Representatives is insufficient, conservative where current spending and subsidies grow, but that does not incentivize economic growth”, Perez Arjona said.

“In 2022 no new federal taxes will be created, however, no major infrastructure works will be developed -more than the government’s flagship works, which were started three years ago-“, he argued.

“The global economy has started a process of “tapering” -the reduction of injection of resources to the economy via the purchase of bonds to countries and companies that produce- this is due to the global inflation control conditions, which will also affect Mexico,” he stated.

By 2022 the federal government will not be betting on the growth of the economy, although it will increase the volume of resources to social programs via the Welfare Secretariat, however, they are not focused on productivity, but on programs of political interest.

The economic specialist insisted that, given the lack of resources for federal infrastructure projects, the Yucatecan government should land economic projects from the Private Initiative to boost economic engines, such as construction, commerce and services, which, in greater volume, support the economy and employment.

The last quarter of 2021 will be significant with the announcement of the end of the mobility restrictions imposed by the pandemic. It is estimated that, with the progress of the vaccination, companies will be able to generate greater economic activity and the sectors that are at a standstill will be added to re-launch the economic process at the end of this year.

TYT Newsroom

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