By Juan Montes / Wall Street Journal
The government of Mexican President Enrique Peña Nieto cut its economic growth forecast for 2015 today, Thursday, signaling another disappointing year of growth ahead after a sluggish first quarter.
The government now sees the economy expanding by 2.2 percent to 3.2 percent this year, below the previous estimate of 3.2 percent-4.2 percent, Deputy Finance Minister Fernando Aportela said at a news conference. The central bank cut its own estimates earlier this week.
“This continued excessive optimism is damaging the credibility of the Finance Ministry,” said Gerardo Esquivel, an economist of El Colegio de Mexico university.
But not only the government has got it wrong, Esquivel said. Most private analysts and the central bank have also continually adjusted their estimates down in the past two years.