Scotiabank Mexico Business Overview
Economic Outlook in Core Markets
Real GDP Growth Forecast (2022-23)
Real GDP (Annual % Change)
Forecast 1, 2
Country
2010-19
Average
2020 2021
2022
2023
Q1 Q2
Q3F
Q4F
Year
Year
Canada
2.3
(5.2)
4.5
2.9
4.7
3.8
2.6
3.5
1.6
U.S.
2.3
(3.4)
5.7
3.5
1.6
1.8
0.4
1.9
1.4
Mexico
2.7
(8.1)
4.8
1.8
2.1
1.6
2.1
1.7
1.5
Chile
3.3
(6.0)
11.7
7.4
5.4
(0.3)
(2.9)
2.1
(0.9)
Peru
4.5
(11.0)
13.4
3.8
3.3
1.7
2.7
2.6
2.4
Colombia
3.7
(7.0)
10.7
8.6
12.6
4.3
2.1
6.6
2.9
PAC Average³
3.6
(8.0)
10.2
5.4
5.9
1.8
18
10
1.0
3.3
1.5
Source: Scotiabank Economics
1 Forecasts for Canada and U.S. as of the July 18, 2022 Scotiabank Economics Global Forecast Tables
² Forecasts for PAC countries as of the July 29, 2022 Scotiabank Economics Latam Weekly
3 Simple average
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