Banorte Financial Group forecasts an economic slowdown in Mexico in the coming months, as a result of tariffs imposed by Donald Trump and an adjustment in the economic cycle. Although the institution recognized that there will be a decrease in growth, it assured that it does not represent a major risk, but rather a moderate reorganization of the market.
José Marcos Ramírez Miguel, CEO of Banorte, stated in an interview with EFE that they maintain a positive outlook despite the slowdown, emphasizing that it is an adjustment within the cycles and not a total paralysis of the Mexican GDP. Regarding the volatility generated by Trump's tariffs, he mentioned that it could delay long-term investment decisions, but he is confident that short- and medium-term investments in Mexico will continue, especially those aimed at maintenance and capital renewal.
Ramírez Miguel mentioned that they are more busy than worried about the possible decrease in consumption, as they anticipate that this will be partially offset by the drop in interest rates that the Bank of Mexico could implement in response to signs of improvement in inflation.
Banorte, one of the main banks in Mexico, reported that its credit portfolio experienced a year-on-year growth of 13% in the first quarter, surpassing its initial target of 10%. An additional reduction in interest rates of up to 125 basis points is expected, placing them at 7.75% by the end of 2025.
In response to the challenge posed by Claudia Sheinbaum to lower interest rates to support small and medium-sized enterprises, Banorte anticipated upcoming specific launches to strengthen this segment, showing its willingness to collaborate closely with the Government of Mexico in this regard.
In another area, Banorte Financial Group detailed its recent partnership with Banorte Stadium (Estadio Azteca), highlighting significant investments in technology to improve the venue's infrastructure. It is expected to invest 2.1 billion pesos in renovations that will include LED screens, quality Wi-Fi, and innovative experiences, as part of the long-term sponsorship with the stadium. This modernization aims to ensure a sustainable, comfortable, and technologically advanced venue for the Mexican fans.
