January 22, 2019 / 3:43 PM / 3 months ago

UPDATE 1-Mexico's president says economy will grow above IMF estimate

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MEXICO CITY, Jan 22 (Reuters) - Mexico’s President Andres Manuel Lopez Obrador said on Tuesday that the country’s economy will grow above the International Monetary Fund’s estimate of 2.1 percent for this year.

“It’s much better than what the International Monetary Fund says, that growth will be two points,” Lopez Obrador told a news conference. “The economy is going to grow more, their estimate will be wrong.”

Lopez Obrador’s own budget, approved late last month, projected lower economic growth than the IMF estimate. In the budget the economy is forecast to expand 2 percent, compared with an estimated 2.3 percent in 2018.

The IMF lowered its growth target for Mexico from 2.5 percent earlier this month, on the expectation of weaker private investment.

Lopez Obrador took office in December, vowing to run an austere government, encourage private investment and root out corruption. However, his cancellation of a partially built, $13 billion airport project rattled investors. (Reporting by Noe Torres, Writing by Daina Beth Solomon Editing by Chizu Nomiyama)

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