Mexico City, Feb 3 (IANS): Mexican President Andres Manuel Lopez Obrador said he was confident the economy will be able to grow at a rate of about 5 per cent in the coming years, as the Covid-19 pandemic wanes.

Addressing reporters at the National Palace in Mexico City on Wednesday, the President noted Mexico's gross domestic product (GDP) expanded by 5 per cent in 2021, reports Xinhua news agency.

"Fortunately, we already have indicators that Covid's new variant (Omicron) is losing strength, because that was what prevented us from reaching 6 percent growth, among other factors," Lopez Obrador said.

He predicted growth of 5 per cent for 2022, 2023 and 2024, for an average annual growth rate of more than 2 per cent during his six-year term in office.

The President, who took office in December 2018, ruled out the economy being in a recession, as some analysts believe.

Mexican GDP plummeted 8.2 per cent in 2020, its worst performance since the 1930s, due to the impact of the pandemic.

"I am satisfied because it (the economy) continues to grow, we are emerging from the crisis," he said.