ANL 34.30 Increased By ▲ 0.18 (0.53%)
ASC 15.16 Increased By ▲ 0.36 (2.43%)
ASL 24.29 Decreased By ▼ -0.03 (-0.12%)
AVN 93.30 Increased By ▲ 2.08 (2.28%)
BOP 7.79 No Change ▼ 0.00 (0%)
BYCO 10.10 Decreased By ▼ -0.11 (-1.08%)
DGKC 121.00 Decreased By ▼ -0.50 (-0.41%)
EPCL 54.50 Decreased By ▼ -0.65 (-1.18%)
FCCL 24.02 Decreased By ▼ -0.22 (-0.91%)
FFBL 28.12 Increased By ▲ 0.02 (0.07%)
FFL 16.20 Increased By ▲ 0.04 (0.25%)
HASCOL 9.51 Increased By ▲ 0.01 (0.11%)
HUBC 77.89 Increased By ▲ 0.19 (0.24%)
HUMNL 6.50 Increased By ▲ 0.03 (0.46%)
JSCL 21.35 Increased By ▲ 0.95 (4.66%)
KAPCO 39.69 Decreased By ▼ -0.31 (-0.78%)
KEL 3.80 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 15.85 Decreased By ▼ -0.05 (-0.31%)
MLCF 45.62 Decreased By ▼ -0.53 (-1.15%)
PAEL 35.19 Decreased By ▼ -0.71 (-1.98%)
PIBTL 10.15 No Change ▼ 0.00 (0%)
POWER 9.08 Decreased By ▼ -0.06 (-0.66%)
PPL 84.66 Decreased By ▼ -0.54 (-0.63%)
PRL 24.35 Increased By ▲ 0.05 (0.21%)
PTC 9.62 Increased By ▲ 0.12 (1.26%)
SILK 1.42 Decreased By ▼ -0.03 (-2.07%)
SNGP 41.07 Decreased By ▼ -0.33 (-0.8%)
TRG 173.15 Increased By ▲ 8.14 (4.93%)
UNITY 33.34 Increased By ▲ 0.69 (2.11%)
WTL 1.68 Decreased By ▼ -0.05 (-2.89%)
BR100 4,882 Increased By ▲ 10.81 (0.22%)
BR30 25,732 Increased By ▲ 146.25 (0.57%)
KSE100 45,429 Increased By ▲ 28.77 (0.06%)
KSE30 18,569 Increased By ▲ 36.57 (0.2%)

Coronavirus
VERY HIGH
Pakistan Deaths
16,600
14824hr
Pakistan Cases
772,381
549924hr
Sindh
274,196
Punjab
276,535
Balochistan
21,127
Islamabad
70,984
KPK
108,462

MEXICO CITY: Mexico's central bank on Wednesday slashed its economic outlook for this year to forecast virtually no growth, citing slack conditions that will persist for longer than expected after the country narrowly avoided entering a recession.

The Bank of Mexico (Banxico) cut its forecast to predict growth will range between 0.2pc and 0.7pc in 2019, down from an earlier prediction of between 0.8pc and 1.8pc.

Mexico registered no growth in the second quarter from the prior three months, when the economy contracted.

Although Banxico expects the economy to pick up, it said in its latest quarterly report it sees recovery as gradual.

For 2020, Banxico expects the economy to grow between 1.5pc and 2.5pc, down from a previous estimate of 1.7pc to 2.7pc.

Growth risks to the local economy include ongoing global trade disputes, the threat of US measures against Mexico and the possibility the credit ratings for sovereign debt and struggling state oil firm Pemex deteriorate further.

Banxico also cut its inflation forecast for the end of 2019 to 3.2pc from 3.7pc, while maintaining its end-2020 outlook at 3pc.

However, it noted that core inflation, any depreciation of the peso, and US tariff threats could still put upward pressure on prices.

Banxico also said it was important that the 2020 federal budget generate confidence, and for Mexico to strengthen rule of law, battle corruption and respect private property.

The finance ministry is scheduled to send the 2020 budget to Congress by Sept. 8.

Copyright Reuters, 2019