A worker labels and packs avocados after quality check at an avocado packing plant in Uruapanat, Mexico, on June 3, 2017. In recent years, Mexico's export of avocados to China has grown rapidly. (Xinhua/Dan Hang)
Mexico, Latin America's No. 2 economy after Brazil, achieved economic growth of 2 percent in 2018, and the official forecast for 2019 is between 0.6 and 1.2 percent.
MEXICO CITY, Sept. 15 (Xinhua) -- The Mexican government's budget proposal for 2020 is generally solid, but too optimistic, a private-sector think tank said on Sunday.
"In general, we can say that the 2020 Economic package appears solid and has initially generated positive opinions for financial markets," the Center for Economic Studies of the Private Sector (CEESP) said in its weekly report.
However, according to the center, which is part of the Business Coordinating Council, Mexico's largest business confederation, it's not clear whether the government will be able to meet its economic growth and oil output targets for the next year.
Earlier this month, the administration of Mexican President Andres Manuel Lopez Obrador submitted its proposed budget for 2020 to the Congress. It included a forecast economic growth of between 1.5 and 2.5 percent.
The official growth forecast "is higher than practically all the projections from specialized agencies," the CEESP said.
Mexico, Latin America's No. 2 economy after Brazil, achieved economic growth of 2 percent in 2018, and the official forecast for 2019 is between 0.6 and 1.2 percent.
Crude production is estimated to reach 1.95 million barrels per day (bpd) by 2020, up from this year's estimated 1.7 million bpd.
The oil output figure appears optimistic given the steady decrease in production since 2004, the think tank said.
Legislators have time until Nov. 15, the deadline to approve the bill, to make changes to the proposed budget. ■
