The announcements of tariffs on Mexico and other countries, along with an economic slowdown, have created an atmosphere of distrust, although not all experts are pessimistic about the situation.
Given recent developments surrounding tariffs and growing trade uncertainty in the United States and other global markets, Felipe García, CEO of Banco Santander, emphasized that Mexico is in a favorable position compared to other countries.
"If our tariffs grow less, we'll gain competitiveness and there could be more exports from Mexico to the United States," García said, adding that the North American trade bloc is expected to continue growing over the next four years.
He emphasized that, although some industries are seeing a decline in employment and macroeconomic indicators indicate a slowdown since last year, there is no reason to worry.
Regarding Santander's operations for the purposes of this situation, he commented that they are working hand in hand with the federal government to support Plan Mexico.
"We're looking at which SMEs we can work with, what programs we can support in the states, and with development banks to boost the import-substituting industry," said the CEO of Santander in Mexico.
Regarding interest rates, he explained that the ideal is to maintain a range of 400 to 500 basis points to avoid a depreciation of the Mexican currency and noted that loans to individuals and businesses take time to reflect the effects of rate changes, depending on the risk they represent.
In the area of financial products, he urged clients not to lose confidence in the stability of the Mexican financial system and to borrow based on their financial means.
He also stated that they expect an 8% increase in loans nationwide despite a scenario where GDP growth is flat and the Mexican population continues to use banking services.
“There will be opportunities for employment, prosperity, and debt; Mexico is a strong economy,” Díaz concluded, adding that the Mexican market is attractive because it is young, well-educated, and borders the world's largest economy.
