The International Monetary Fund (IMF) has slashed its growth forecasts for Mexico by 0.6% this year to 1.7%, which is even lower than the World Bank's already low growth forecasts for the country.
The IMF said in its 2017 World Economic Outlook report that it revised its growth forecasts for Mexico from 2.3% to 1.7% for 2017 and to 2% for 2018.
The World Bank also revised its growth forecasts for the country to 1.8% for 2017 and 2.5% for 2018.
Last year, the IMF's GDP growth forecast for Mexico was 2.9%, which was 0.2% lower than its original forecast it made in October 2015, which at the time was due to a global growth slump, a weak Mexican peso, lower international fuel and diesel prices, and slower growth in China.
Mexico and Brazil are the two emerging markets that will be most affected by the changes in policies to be adopted by President-elect of the United States Donald Trump and the republican party.
