MEXICO CITY, Feb. 27 (Xinhua) -- Mexico's flagging economy is set to get a boost from the coming ratification of the United States-Mexico-Canada Agreement (USMCA), the central bank of Mexico (Banxico) said on Thursday.

The USMCA, already ratified by Mexico and the United States, is awaiting the approval of Canada's parliament.

The bank's governing board also cited other factors likely to spur Mexico's economy in 2020, including a government plan to invest in strengthening the energy sector and more efficient public-sector spending by the administration of President Andres Manuel Lopez Obrador.

"The majority (of board members) said they expect a gradual recovery of the global economy in 2020 and 2021," which would also serve to improve the nation's economy, the bank said in minutes from the last board meeting, which were released on Thursday.

According to Banxico's growth forecasts, gross domestic product (GDP) is expected to expand between 0.5 and 1.5 percent this year, and between 1.1 and 2.1 percent next year.

In 2019, Mexico's GDP shrank 0.1 percent, marking the first contraction in a decade, mainly due to a slowdown in global economic growth.