On September 8, as required by law, the Minister of Finance and Public Credit presented the Economic Package for 2023 to the Chamber of Deputies.
The package remains in line with austerity, the continuity of social programs, and now also the fight against inflation, which has attacked the national economy in the last year.
It seeks to ensure the continuity of action for the benefit of the people through the reconfiguration and increase in social protection spending and the promotion of public investment; increase the percentage of families receiving at least one social program, as well as strengthen others such as the pension for the elderly, Youth Building the Future and the Benito Juarez Scholarship. In addition, public investment is encouraged for economic growth in the medium and long term.
To start analyzing the Package, it is necessary to look at the results of the economic policy of President López Obrador’s government. Activity in this category increased by 1.8 percent due to the strength of the domestic market, employment dynamism, tourism recovery, growth in gross fixed investment, private consumption, investment in strategic infrastructure, increased social support derivative consumption. , among other reasons.
Gross fixed capital investment recorded a 4.5 percent increase between January and June, and in the first half of the year, the employed population increased by 2.6 million compared to the same period of the previous year. The real purchasing power of households remained unchanged despite the inflation rate, and total exports increased by 18 percent per year. On the other hand, the Inflation and Deficit Package prevented an increase of 7.5 percentage points for 24 basic basket products and 14 percent for fuel prices, in addition to a 5.7 percent drop in average actual wages.
By the end of 2022, GDP will be between 1.9 and 2.9 percent per annum, with a point estimate of public finance projections of 2.4 percent; the price of oil will be about $93.6 per barrel with daily production of 1 million 835 thousand barrels per day.
Against the backdrop of good results, despite unfavorable internal and external conditions, fiscal policy is maintained on the assumption of no tax increase, as well as an increase in revenues based on the fight against corruption, strategic projects and reorientation of spending to improve income distribution. These elements constitute an inclusive development model with macroeconomic stability and governance based on more efficient and therefore higher collection as well as efficient spending.
The government’s economic policy has ensured economic stability, healthy public finances, and moderate debt despite the pandemic, its effects on the economy, and a geopolitically conflicted international environment.
For this reason, when analyzing the Economic Package, 4T deputies guarantee the continuity of economic policy with a social vision that benefits people.
BENJAMIN ROBLES MONTOYA
@BENJAMINROBLESS
Source: Heraldo De Mexico
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