On Thursday, May 8, 2025, President of Mexico Claudia Sheinbaum addressed the 88th Banking Convention in Nuevo Nayarit, where she emphasized the strong relationship between Mexico and the United States and the resilience of the Mexican economy despite external pressures. Sheinbaum stated that no investments have been halted due to the tariff policies initiated by U.S. President Donald Trump, asserting that the economic indicators reflect a sustained recovery in employment, investment, and monetary stability.
During her speech, Sheinbaum expressed optimism about Mexico's economic future, noting, "I am optimistic; we have achieved a good relationship with the United States government and not only a relationship of respect but also a very good relationship between the secretaries of state." This collaboration, she argued, has allowed Mexico to navigate the changing global landscape effectively.
She further highlighted that the Ministry of Economy manages an investment portfolio of $298 billion, showcasing the confidence investors have in the country. Despite the announcement of tariffs by Trump, Sheinbaum confidently declared, "There is not a single company that has compromised its investment in Mexico, which has decided to withdraw it due to the tariffs announced by President Trump upon his entry into the U.S. government." This statement underscores the ongoing stability of foreign investments in Mexico.
Edgar Amador Zamora, Secretary of Finance and Public Credit, supported Sheinbaum's statements by dismissing concerns about economic stagnation. He reported a quarterly growth of 0.2% in the first quarter of 2025 and a yearly increase of 0.8% compared to the same period last year. "This performance, while moderate, is consistent with an orderly adjustment and is far from a generalized contraction, confirming that the Mexican economy continues in moderate expansion," he stated.
Victoria Rodríguez Ceja, Governor of the Bank of Mexico, echoed these sentiments, emphasizing the strength of Mexico's financial system to confront global economic challenges. She noted, "Thanks to the joint work between authorities and intermediaries in recent years, we have forged solid foundations of stability. This allows the financial sector to support Mexico's economic development, even in this changing context."
However, Sheinbaum also acknowledged the need for improvement in access to credit for Mexicans, particularly for micro, small, and medium-sized enterprises (Mipymes). She pointed out that Mexico is one of the countries with the least access to credit, citing data from the World Bank that ranks Mexico as the second lowest in credit to non-financial companies and the third lowest in credit to households.
During the convention, Sheinbaum signed an agreement between the federal government and the Association of Banks of Mexico to enhance financing for Mipymes, which she described as essential for fostering economic growth and welfare for Mexicans. She stated, "Access to credit for Mexicans only reaches 33 percent of GDP. A goal of the government and banking must be greater access to credit if we want not only growth but fundamentally well-being for Mexicans."
Sheinbaum reiterated the 18 actions that comprise the Mexico Plan, emphasizing the importance of supporting small businesses as a pathway to economic stability. She expressed satisfaction with the overall economic solidity of the country, stating, "All of us should feel very satisfied with the economic solidity of the country and at the same time optimistic."
On the inflation front, Sheinbaum reported that it remains controlled and is currently below the Bank of Mexico's target of 3% +/- 1 percent. She also highlighted the significant increase in the minimum wage, which has risen by 125% in real terms since 2018. Additionally, she announced that approximately 800 billion pesos would be allocated to social programs this year, reflecting the government's commitment to supporting its citizens during challenging economic times.
Julio Carranza Bolívar, President of the Association of Banks of Mexico (ABM), also addressed the convention, emphasizing that Mexico is at a crucial juncture in its economic history. He noted the unprecedented geopolitical and economic challenges the country faces, but he remained hopeful about the potential for growth and development.
In summary, the 88th Banking Convention served as a platform for President Sheinbaum and other key economic leaders to discuss the current state of the Mexican economy, the importance of fostering a strong relationship with the United States, and the need for improved access to credit for businesses and individuals alike. As the country navigates through global uncertainties, the focus remains on maintaining economic stability and growth.
