Slim downplays Moody's downgrade; announces $5 billion investment in Mexico

Billionaire Carlos Slim has dismissed the recent credit rating downgrade by Moody's, calling the decision irrational. The president of Grupo Carso announced a significant investment of $5 billion in Mexico for the current year, signaling confidence in the country's economic prospects.

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irrational decision

Speaking at his traditional annual press conference, Slim stated that Mexico has the conditions to grow above 1.5%. He highlighted the strong relationship between businessmen and the government, particularly praising President Claudia Sheinbaum's performance. Slim specifically commended her management of inflation, noting her success in preventing excessive fuel price hikes despite rising oil costs, through the use of IEPS (Special Tax on Production and Services).

Slim indicated that Grupo Carso plans a more aggressive investment strategy this year. The $5 billion injection is intended to bolster various sectors within Mexico. This announcement comes shortly after Slim reinforced his presence in the energy sector by acquiring Fieldwood Mexico for $270 million.

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the country has the conditions to grow above 1.5%

The telecommunications magnate's comments come as Mexico navigates economic challenges and seeks foreign investment. His dismissal of the Moody's rating suggests a belief that external assessments do not fully capture the country's potential or the stability fostered by the current administration.

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good relationship between businessmen and the government