I will first consider economic developments and prospects in the country, where external demand, and particularly its effects on the manufacturing sector, are key. I will then analyze the impact of global risk factors on financial markets and why it is important to fortify macroeconomic fundamentals in a context of worldwide uncertainty. Finally, I will look at monetary policy and inflation.
As usual, my views are entirely my own and do not necessarily reflect those of the Bank of Mexico or its Governing Board.1  Softer economic growth During the last few years, the world economy has decelerated, with year‐on‐year growth declining to rates below long‐term averages.