Citibanamex cuts Mexican growth forecast after Trump victory

Grupo Financiero Citibanamex cut its 2017 GDP growth forecast for the Mexican economy from 2.3 percent to 1.8 percent on 9 November 2016, following the news of Donald Trump’s victory in the U.S. presidential election (El Universal). Citibank admitted the decision was difficult, since there were no risk scenarios to reference, and stated the outlook was uncharted territory (Milenio). Citibanamex justified the revision by pointing to the uncertainty surrounding potential effects of increased U.S. protectionism, including increased transaction costs in the manufacturing sector and a slowdown in investment flows to the country (El Universal).