MEXICO CITY, June 18 (Xinhua) -- The Mexican Institute of Finance Executives (IMEF) revised down its forecast for the country's 2019 economic growth from 1.4 percent to 1.2 percent amidst fears that trade tensions could lead to a global recession.
In a press release, the IMEF said that the Mexican economy faces a "complex and highly uncertain" scenario, which is why growth prospects were revised downwards.
"The U.S. threat of imposing tariffs on all Mexican imports, leaving aside the established legal order, represents a blow to world trade, which increases uncertainty about the economic outlook," the IMEF said.
Mexico, the second largest economy in Latin America after Brazil, depends to a large extent on economic cycles in the United States. In 2018, the Mexican economy grew 2 percent.
The Central Bank of Mexico has forecast the country's economic growth between 0.8 and 1.8 percent this year.