Mexico City, March 21 : Mexico's economy is "solid" and able to withstand external shocks such as the crisis roiling several banks in the US, said President Andres Manuel Lopez Obrador.

With Mexican banks registering record profits, "the majority of Mexicans are doing well", Lopez Obrador said at a press conference.

"There is macroeconomic stability in the country and no crisis is on the horizon, " Xinhua news agency quoted the President as saying.

There may be unforeseen events and external factors, such as the financial turmoil caused by the collapse of two banking institutions abroad this month, said Lopez Obrador, describing Mexico's economy as "solid".

Mexico's economy, the second largest in Latin America after Brazil, grew by 3.1 per cent in 2022.