Ecosistema Mexicano
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Sep 17, 2026Mexican peso slips after Fed hike; analysts see Banxico on hold
The Mexican peso closes at 17.25 per dollar, a six-week high, after the Fed's 25 basis point hike; Banxico will decide its rate on September 24.
Sep 17, 2026Washington and Mexico accelerate talks on a major bilateral deal
The US president said on September 16, 2026 that a major trade deal with Mexico is close, ahead of the fourth USMCA round in Washington.
Sep 15, 2026Rating agencies to watch the fiscal targets of Mexico's 2027 Economic Package
The 2027 Economic Package proposes cutting the deficit to 3.9% of GDP. Experts say rating agencies will track the fiscal targets and investment grade status.
Sep 15, 2026Pemex and CFE Adjust Investment to 2030 and Open Megaprojects to Private Capital
Pemex cuts its exploration spending by 40.6% in 2027 and CFE halts its physical investment: both are seeking private capital for their energy plans toward 2030.
Sep 12, 2026CIEP Sees Fiscal Consolidation Pending, Debt at 55% of GDP in 2027
The CIEP warns that the 2027 Economic Package leaves fiscal consolidation pending and projects public debt at 55% of GDP and a financial cost of 4% of GDP.
Sep 12, 2026Twenty-five Fields Medalists Warn That AI Overwhelms Mathematical Verification
Fields Medal: 25 mathematicians warn that AI produces mathematical results faster than the discipline can verify, with a risk of plagiarism.
Sep 11, 2026INEGI: 23 million adults were victims of a crime; the cost equals 1% of GDP
INEGI reported 23 million adults who were crime victims in 2025 and a cost of 267,300 million pesos, 1% of GDP. See the figures by state.
Sep 10, 2026Mexico's crude blend tops $100 for the first time since May
Mexico's export crude blend closed at 100.04 dollars a barrel, its first close above 100 since May, after the attacks between the US and Iran in the Strait of Hormuz.
Sep 10, 2026Digital Economy Law Reaches Congress and Connectivity Defines Its Scope
The Digital Economy Law for digital payments reaches Congress with the backing of the banking sector; connectivity outside state capitals sets the timetable.
Sep 8, 2026Sheinbaum Stakes Her Fiscal Credibility on the 2027 Economic Package After Her Second Government Report
Analysts see the 2027 Economic Package, which the Finance Ministry delivers on September 8, as the defining test of Mexico's fiscal consolidation and investment-grade status.
Sep 8, 2026Mexico's Supreme Court Delivers First Report, Linking Legal Certainty to Investment
Mexico's newly elected Supreme Court delivers its first management report, linking legal certainty to investment: 15,051 case files and 88% of matters resolved in its first year.
Sep 7, 2026Mexico's INE Launches Commission to Screen 2027 Candidates for Criminal Ties
Mexico's National Electoral Institute has established a commission to vet 2027 candidates for organized-crime links, marking the first election cycle in which that filter will be embedded in the regis
Sep 6, 2026Mexico's Finance Ministry Quadruples the Premium Gasoline Subsidy as Crude Prices Surge
The Premium gasoline subsidy rises from 6% to 23.9% of the IEPS excise tax per liter for the week of September 5-11; here are the updated rates for Magna and diesel.
Sep 6, 2026Pemex and STPRM Agree to Largest Wage Increase Since 2002
Pemex and the STPRM agreed to a 7.5% wage increase for 2026-2027, the largest package since 2002, with 5.5% in direct salary impact and 2% in benefits.
Sep 5, 2026Slim Domit Backs Plan México, Forecasts Growth Above 4%
Carlos Slim Domit endorsed Plan México and the role of private capital in pushing investment to 28% of GDP and sustaining growth above 4 percent.
Sep 5, 2026Citi Survey Upgrades Mexico GDP and Peso Forecasts Ahead of the 2027 Economic Package
The Citi Expectations Survey raises Mexico's 2026 GDP forecast to 1.3% and strengthens the peso outlook, ahead of the 2027 Economic Package.
Sep 4, 2026Mexico's Informal Economy Hits Historic High, Reigniting the Fiscal Debate
Mexico's informal economy reached 25.2% of GDP in the first quarter of 2026, an INEGI record; here are the figures fueling the tax-collection debate.
Sep 4, 2026Mexico's Auto Parts Industry Loses 90,000 Jobs in Two Years
Mexico's auto parts sector has shed 90,000 jobs over two years amid tariff pressures, Asian vehicle imports fell 24.1%, and USMCA rules-of-origin compliance is climbing.
Sep 3, 2026AMEXHI Puts the Price Tag on Mexico's Unconventional Gas at $108 Billion
AMEXHI estimates that scaling up unconventional gas in Mexico would require $108 billion across 24 projects, targeting nearly 9 billion cubic feet per day over roughly a decade.
Sep 3, 2026Ebrard Secures Jensen Huang Visit to Mexico to Advance AI
Jensen Huang's visit to Mexico will advance artificial intelligence development following Ebrard's G20 agreement; here is what comes next.
Sep 2, 2026Remittances Mark 14 Consecutive Months of Purchasing Power Loss in Mexico
Remittances lost purchasing power for 14 consecutive months; in July, the exchange rate and inflation cut real household income by 6.5%.
Sep 2, 2026Mexican Oil Nears $90, Surpassing Mexico's Treasury Forecast
Mexico's export crude blend closed at $89.26 per barrel, its highest level since July, as petroleum revenues exceed the Finance Ministry's 2026 budget target.
Sep 1, 2026Senate Reviews Reform Creating a National Security Screening for Foreign Investment
The reform to the Foreign Investment Law sent to the Senate adds Defense and Navy to the national security filter and sets fines of up to 23.5 million pesos.
Sep 1, 2026Mexican Peso Closes August at 17, Opening a 46-Billion-Peso Fiscal Gap
The Mexican peso closed August at 16.99 per dollar, and its strength has opened a 46-billion-peso hole in the 2026 budget, according to the CGPE submitted by the Finance Ministry.
Aug 31, 2026Ebrard Defends Mexico's Position in USMCA Review Ahead of G20
Ebrard defends Mexico's position in the USMCA review: an effective tariff rate of 3.4%, versus 6.7% globally, ahead of his meeting with Lutnick in Miami.
Aug 31, 2026Finance Ministry Secures Investment-Grade Rating; Private Sector Projects 21.8 Trillion Pesos in Debt
The Finance Ministry affirms Mexico will retain its investment-grade rating while the private sector projects 21.8 trillion pesos in total debt by 2027. The 2027 Economic Package will reveal which rea
Aug 30, 2026The Canada-US Rupture Reshapes the USMCA Trilateral Review
After the Canada-US rupture, Mexico advances its bilateral USMCA review with a fourth round of talks expected in September.
Aug 29, 2026Mexico Establishes a Scientific Council to Eradicate the Screwworm
Mexico created a technical-scientific council against the New World screwworm, present in 30 of 32 states, to sustain trade with the United States.
Aug 28, 2026Mexican Exports Post Their Strongest Monthly Gain Since 2022 in July
Mexican exports grew 9.7% in July, their strongest monthly advance since 2022, putting the year on track for a record. The Inegi figures and the USMCA agenda.
Aug 28, 2026CFE to Finance More Than Half of Its Investment Through 2030 with Private Capital
CFE will finance 54% of its electricity investment through 2030 with private capital; the plan details the mixed-investment schemes, debt, and the Fibra E vehicle in its 2026-2030 program.
Aug 27, 2026CFE Publishes Its 2030 Power Expansion Plan Backed by 651,000 Million Pesos
CFE unveiled its 2030 power expansion plan with 651,000 million pesos in investment: 52 generation projects, new transmission lines, and renewables rising from 21% to 34%.
Aug 27, 2026TEPJF Removes INE Variable That Was Inhibiting Electoral Coverage on Radio and Television
The TEPJF eliminated variable 14 from the INE's monitoring methodology, which was affecting satire and criticism. Here is what electoral coverage on radio and television looks like for 2026-2027.
Aug 26, 2026Asian Auto Tariffs Cool Import Traffic at Lázaro Cárdenas
The tariffs on Asian vehicles are already showing up at the port of Lázaro Cárdenas: vehicle traffic fell 7.2% from January through July as trade flows seek new routes.
Aug 25, 2026Honda Conditions Its Eighth North American Plant on USMCA Extension
Honda is conditioning its eighth North American plant on a six-year extension of the USMCA; the decision will shape the next wave of automotive investment in Mexico.
Aug 25, 2026Civyl Proposes Alcohol-Content IEPS Tax for Mexico's 2027 Economic Package
Mexico's wine and spirits industry is calling on Congress and the Finance Ministry to replace the price-based IEPS excise tax with a levy by alcohol content, projecting 3,900 million pesos in addition
Aug 24, 2026Brazil Places Four Universities in the QS 2026 Top Ten for Latin America; Mexico Places Two
The QS 2026 ranking places Tec in fourth and UNAM in ninth among Latin America's top universities, while Brazil's sweep of public institutions reframes the regional competitiveness debate.
Aug 24, 202685% of Mexico's Exports to the U.S. Remain Tariff-Free as Canada Prepares Retaliation
85% of Mexico's exports to the U.S. retain zero tariffs under USMCA while Canada faces 50% tariffs. What this means for the treaty review.
Aug 23, 2026INE Approves 31.4 Billion Peso Draft Budget for 2027 Amid Calls for Austerity
Mexico's National Electoral Institute (INE) approved its 2027 draft budget at 31,431 million pesos; the Interior Ministry called on the institute to exercise austerity; negotiations over the cost of t
Aug 23, 2026Mexico Advances New Regional Value Chains with Chile and Costa Rica
Mexico and Chile agree to explore regional value chains and bring Costa Rica into the production relocation agenda to diversify regional trade.
Aug 22, 2026Trump Signals a New Trade Deal with Mexico Amid USMCA Review
Trump stated that his administration is working on a new trade agreement with Mexico alongside the USMCA review; Ebrard sees progress and expects the next round in September.
Aug 22, 2026Mexico's Treasury Reactivates Premium Gasoline Subsidy, Holds Diesel IEPS at Annual Low
Mexico's Secretariat of Finance reactivates the fiscal stimulus for premium gasoline and holds the diesel IEPS rate at its annual low of 1.28 pesos to contain prices.
Aug 21, 2026Mexico's Phone Registry Has Already Disconnected 4.4 Million Lines
The first cut of Mexico's mandatory mobile registration suspended 4.4 million lines; users can restore service before the August 31 deadline.
Aug 20, 2026Services Inflation at 4.36% in July Constrains Banxico's Next Move
Mexico's services inflation held at 4.36% in July 2026, above 4% since 2021, constraining Banxico's next rate cut.
Aug 20, 2026China Rejects Transshipment Accusation as Mexico Braces for Stricter Origin Controls
China rejects the White House report accusing it of transshipment through Mexico, and AmSoc anticipates stricter origin controls for businesses.
Aug 19, 2026U.S. Sets Preliminary Antidumping Duty of Up to 5.28% on Mexican Strawberries
The U.S. Department of Commerce preliminarily determines that Mexican winter strawberries are sold below fair value, setting antidumping duties between 3.37% and 5.28%; Mexico's Secretariat of Economy
Aug 19, 2026SEP Launches Regional Forums in Monterrey on Social Media for Minors
Mexico's SEP opens forums today in Monterrey to regulate social media for minors, with findings to be submitted to Congress following the August teacher consultation.
Aug 18, 2026What Nearshoring Is and Why the Bajío Concentrates Industrial Investment
What nearshoring is, why Mexico is a key destination for U.S. companies, and how Querétaro captured $1.055 billion in FDI in 2024 with 7 industrial parks.
Aug 18, 2026INE Votes on Distribution of 10,842 Million Pesos in Party Funding for 2027
Mexico's INE votes on public financing for parties and independent candidacies, totaling 10,842 million pesos for 2027, with a breakdown by party and the constitutional formula explained.
Aug 18, 2026SAT to Expand Tax Enforcement in 2027 Without New Taxes
Mexico's SAT will deploy expanded enforcement tools in 2027 to boost revenue collection; tax accountants expect amendments to the Fiscal Code rather than new taxes.
Aug 17, 2026AmCham Expects Tariff Reduction, Not Elimination, on Steel and Aluminum Under USMCA
AmCham expects a reduction, not elimination, of the 50% tariff on Mexican steel and aluminum in the USMCA review; the negotiation will define the industry's structural cost.
Aug 17, 2026Mexico's Finance Ministry Faces Its Deficit Test in the 2027 Economic Package
Mexico's Finance Ministry will deliver the 2027 Economic Package to Congress with a 3.5% deficit target; the gap between its projections and those of Citi and BNP Paribas will be the signal rating age
Aug 16, 2026Norges Bank Holds 39% of Its Latin American Portfolio in Mexico
Norway's Government Pension Fund Global holds 39% of its Latin American portfolio in Mexico; Brazil and Mexico together account for 78.7% of the fund's regional investment.
Aug 16, 2026Mexico's Antitrust Authority Greenlights the Paramount-Warner Merger
Mexico's antitrust authority approved the Paramount-Warner merger. The country joins 68 markets as litigation in the United States remains open.
Aug 15, 2026CCE Reports $3.5 Billion in Investments Already Authorized Under Plan México
The CCE reports $3.5 billion in investments already authorized through Plan México's single-window mechanism; energy projects lead the list.
Aug 15, 2026Mexico's Ministry of Economy Pushes Back on U.S. Transshipment Claims With Its Own Data
The Ministry of Economy responds to the White House report on Chinese goods transshipment: imports from China fell to 17.3% and the largest buyers are American companies.
Aug 14, 2026Pemex and CFE Close the First Half with 2.06 Trillion Pesos in Labor Liabilities
The labor liabilities of Pemex and CFE reach 2.06 trillion pesos at the close of the first half of 2026; the figure weighs on ongoing pension and wage negotiations.
Aug 14, 2026White House Flags Mexico in Report on Chinese Commercial Transshipment
The White House includes Mexico in its report on Chinese transshipment and tariffs; Washington estimates annual fiscal losses of up to $26 billion.
Aug 13, 2026A Hundred Economists to Deliver a Growth Plan to Hacienda and Congress
Economists deliver to Hacienda a six-pillar plan to accelerate Mexico's economic growth, as the ministry prepares the 2027 Budget Bill.
Aug 13, 2026Ebrard Uses Gas Purchases as Argument and Awaits August Ruling
Ebrard challenges the Section 301 excess-capacity tariffs using gas purchases as evidence, anticipates the August ruling, and looks ahead to the next USMCA round.
Aug 12, 2026Mexico's AFAC Faces This Week's FAA Category 1 Aviation Safety Review
Mexico's AFAC faces this week's FAA International Aviation Safety Assessment to retain Category 1 status and continue expanding air routes to the United States.
Aug 12, 2026Sheinbaum Hosts Goldman Sachs at the National Palace to Discuss Plan México
Sheinbaum received Goldman Sachs at the National Palace to discuss investment and Plan México, a clear signal of Mexico's capital-attraction agenda.
Aug 11, 2026IMSS Records Worst July Formal Job Loss Since 1998
The IMSS reported that formal employment shed 19,550 positions in July 2026, the steepest July decline since 1998; Baja California grew while Campeche posted the sharpest contraction.
Aug 11, 2026Mexico's Treasury Adopts Risk-Based Supervision for Casinos, Real Estate and Jewelers
The Risk-Based Approach arrives for vulnerable activities: casinos, real estate firms and jewelers will adjust their anti-money laundering controls under the new rule.
Aug 10, 2026Yucatán launches construction of its first wind farm of the six-year term in August with 1,000 jobs
The Tizimín II Wind Farm enters its construction phase: 75 MW, 2,600 million pesos in private investment and operation in 2028. Wind power for 140,000 homes.
Aug 6, 2026USMCA Rapid Response Mechanism Eyes September 14 for Fourth Negotiating Round
The U.S. signals September 14 for the fourth round of the USMCA's Rapid Response Mechanism, which has resolved 48 cases and benefited 50,525 workers in Mexico.
Aug 6, 2026Public Investment Grows 19.5 Percent in May, Reaching Its Highest Increase in Two Years
INEGI: public investment in Mexico rises 19.5% in May 2026, the largest increase in two years, with public construction up 30.48% while private investment falls 1.3%.
Aug 5, 2026Chihuahua and Jalisco Account for 80% of Mexico's Technology Exports in 2026
Chihuahua (52%) and Jalisco (27.4%) account for 79.4% of Mexico's technology exports in Q1 2026, even as both states record economic contraction.
Aug 4, 2026IMCO Warns That Mexico's 1.5% Q2 2026 GDP Does Not Establish a Trend
Mexico's economy grew 1.5% quarter-on-quarter and 2.1% year-on-year in Q2 2026. IMCO warns the result does not constitute a trend, given May's underlying weakness.
Aug 4, 2026Pemex Doubles Natural Gas Flaring in the Second Quarter Due to Infrastructure Deficit
In Q2 2026, Pemex burned 778 million cubic feet per day of gas, 19% of its total production, due to inadequate pipelines and processing plants at Ixachi.
Aug 3, 2026SAT Reports Steepest Income Tax Drop in 17 Years on Manufacturing Weakness
Mexico's SAT reports a 6.2% real decline in total income tax (ISR) and a 15.75% drop in manufacturing collections in the first half of 2026, the deepest fiscal contraction since 2009.
Aug 3, 2026USMCA Review to Extend Content Rules to Semiconductors and Electronics
Washington is proposing to extend USMCA content rules to semiconductors, electronics, and critical minerals in the 2027 review; Mexico insists on a regional approach.
Jul 20, 2026USMCA: Mexico Hosts Third Bilateral Round Covering Steel, Autos, and Security
The third USMCA round opens in Mexico City with Greer and Sheinbaum. Steel, autos, and economic security dominate the bilateral agenda of the joint review.
Jul 20, 2026OECD Redefines Intragroup Services Deductibility; Comment Window Closes Wednesday
The OECD closes its transfer pricing consultation on July 22. Five changes redefine the deductibility of intragroup services, with direct implications for SAT enforcement criteria affecting companies
Jul 19, 2026Mexico's Life Satisfaction Reaches 8.62, Inegi Reports
Mexico's average life satisfaction reaches 8.62 out of 10, according to Inegi. The ability to cover household expenses is the defining factor in subjective wellbeing.
Jul 19, 2026AICM Fast Track Does Not Replace Free Passenger Screening
Mexico City's Benito Juárez International Airport clarified on July 18, 2026 that the Fast Track service does not replace free security screening. It operates in dedicated lanes, is managed by a third
Jul 18, 2026SHCP Reactivates Premium Gasoline Stimulus and Raises Diesel Subsidy Amid Oil Shock
Mexico's Finance Ministry restored the Premium gasoline stimulus (8.23%) and raised diesel support (50.64%) for the week of July 18-24, as crude prices surged on Middle East tensions.
Jul 18, 2026Public Transparency Pushes Diesel Price Cap Compliance to 83%
Publishing lists of non-compliant gas stations pushed compliance with Mexico's 27-peso-per-liter diesel cap from 80% to 83% in just five days.
Jul 17, 2026Grupo Carso Acquires TotalEnergies' 30% Stake in the Kan Block, Gulf of Mexico
Carso acquires TotalEnergies' 30% stake in the Kan block in the Gulf of Mexico. Harbour Energy retains 70% as operator. Slim consolidates his expansion in the oil sector.
Jul 17, 2026FDA Traces 1,644-Case U.S. Outbreak to Single Mexican Lettuce Producer
The FDA has traced a Cyclospora outbreak totaling 1,644 cases across five U.S. states to Mexico. Taco Bell has already pulled lettuce from the identified supplier.
Jul 16, 2026U.S. Pushes for Tariffs and Quotas in USMCA Review to Reduce Deficit
Jamieson Greer declared at Aspen that he has a Trump mandate to include tariffs and quotas in USMCA. The Mexico-U.S. trade deficit reached $197 billion in 2025. The third negotiating round opens July
Jul 15, 2026The IMF Warns That Oil Market's Three Shock Absorbers Have Been Exhausted
The IMF warned in July 2026 that the three factors that contained the rise in oil prices are being exhausted. Implications for Mexico, Pemex, and energy policy.
Jul 15, 2026Fitch Ratings Affirms Top Rating for Afore XXI Banorte Siefores
On July 15, 2026, Fitch Ratings affirmed the 'Excellent' and 'AAAf(mex)' ratings for Afore XXI Banorte's Siefores. What it means for Mexico's retirement savings system (SAR).
Jul 14, 2026Mexico Files Criminal Complaints in US Over 17 Mexicans Killed in ICE Operations
Mexico's Secretariat of Foreign Affairs filed criminal complaints with the US Department of Justice over the deaths of 17 Mexican nationals in ICE custody or operations. President Sheinbaum calls for
Jul 14, 2026BYD Claims 4 in 10 Electrified Vehicle Sales in Mexico, Reshaping the Market
BYD sold 33,969 electrified vehicles in Mexico in the first half of 2026, capturing 35.7% of the market. The segment grew 44% year-on-year, according to INEGI and AMDA data.
Jun 19, 2026Banxico and INEGI Confirm Slowdown with Uneven Regional Dynamism
Banxico and INEGI confirm economic deceleration in Mexico with uneven regional dynamism: the north and Bajío sustain activity while private consumption loses traction.
Jun 19, 2026Mexico Launches Public AI Training Center Targeting 25,000 Graduates in 2026
Mexico unveils a Public Center for AI Training with a target of 25,000 graduates in 2026 and certification partnerships with Amazon, Google, IBM, Microsoft, and other major technology companies.
Jun 19, 2026Mexican Peso Closes at 17.34 per Dollar After Fed Rate Decision
The Mexican peso closed June 18, 2026 at 17.34 units per dollar, down 0.31%, after a more restrictive-than-expected Federal Reserve monetary policy decision.
Jun 18, 2026Ebrard Reframes USMCA as a Systemic Negotiation of the New Trade Order
Ebrard argues that USMCA has ceased to be a bounded trilateral exercise and has become a systemic negotiation tied to the redesign of the global trade order.
Jun 18, 2026Peso Falls 0.91% After Kevin Warsh's Hawkish Fed Debut
The peso closed at 17.33 per dollar after the Fed removed its 2026 rate-cut guidance on Kevin Warsh's debut as chair; Banxico announces its rate decision on June 26.
Jun 18, 2026Trump Says the U.S. Would Be Better Off Without USMCA but Leaves Renewal Open
Trump says the U.S. would be better off without USMCA but leaves signing open; the second round closes today in Washington ahead of the July 1 renewal deadline.
Jun 17, 2026Banxico Projects Moderate World Cup 2026 Effect, with 16% of Firms Expecting Higher Demand
Banxico projects that the 2026 World Cup will leave a moderate imprint on the Mexican economy, with only 16.1% of large companies anticipating increased demand from the tournament.
Jun 17, 2026Ebrard and Greer Extend USMCA Second Round in Washington to Four Days
Mexico and the United States extended the second USMCA round in Washington from June 15 to 18, fifteen days before the formal July 1 review date.
Jun 17, 2026Moody's Cuts Mexico's 2026 World Cup Tourist Forecast to 768,000
Moody's cuts the expected visitor count for the 2026 World Cup in Mexico to 768,000 and lowers the GDP contribution to 0.13%, with hotel occupancy running around 50%.
Jun 16, 2026Mexico's Inflation Falls to 3.94 Percent, Returns to Banxico's Target Band
Mexico's headline inflation falls to 3.94 percent in May, returning to Banxico's target band for the first time in four months. Core inflation remains at 4.19 percent and the benchmark rate holds stea
Jun 16, 2026Mercado Libre Will Commit $4.6 Billion to Mexico in 2026
Mercado Libre will invest $4.6 billion in Mexico in 2026, its largest annual commitment in the country's history, 35 percent above the prior year. The plan creates between 8,000 and 8,500 jobs and rea
Jun 16, 2026Mexico Opens Second USMCA Round in Washington with Ebrard at the Helm
Mexico opens its second USMCA dialogue round in Washington on June 16. Ebrard leads the delegation alongside Lazzeri and Gómez. The formal review begins on July 1.
Jun 15, 2026El Tri Opens World Cup 2026 with Victory at Azteca as Mexico Hosts Thirteen Matches
Mexico beats South Africa 2-0 at the Azteca and the 2026 World Cup distributes 13 matches across CDMX, Guadalajara, and Monterrey; 5.5 million visitors projected.
Jun 15, 2026Mexico and Canada Formally Ask the United States to Extend USMCA Sixteen Years
Ebrard and LeBlanc deliver letters to the USTR calling for a 16-year USMCA extension; the USTR must respond by July 1 and the negotiating round runs through June 18.
Jun 15, 2026OECD Cuts Mexico's 2026 Growth Forecast to 0.8%, Projects 2027 Rebound
The OECD revises Mexico's 2026 growth forecast down to 0.8% and projects 1.8% in 2027; INEGI reports a 2.1% industrial rebound in April that pushes back against multilateral pessimism.