Despite a recession in the mining sector and an impending fiscal squeeze, we remain upbeat about Mexico. A gradual improvement in the labour market and a likely recovery in the US, after a weak start to this year, provide reasons for optimism. We expect steady, if unspectacular, growth in 2015, followed by a pick-up in 2016. And with plenty of slack still left in the economy, Banxico won’t have to tighten policy aggressively even when the Fed hikes rates.
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