Recession in Mexico: GDP forecast to contract as coronavirus crisis deepens

Mexico’s Finance Ministry has informed that during this year, the economy will slide into recession

Recession in Mexico: GDP forecast to contract as coronavirus crisis deepens
English 02/04/2020 12:41 Leonor Flores Mexico City Actualizada 13:24

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Mexico’s Finance Ministry has informed that during this year, the economy will slide into recession by adjusting its estimate for gross domestic product (GDP) to a range of a negative rate of  -3.9% to maximum growth of 0.1%

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By publishing the General Pre-Criteria of Economic Policy for 2021, it projected a price for Mexican oil in USD $24 per barrel instead of the USD $48 approved by the Congress.

It also modified the quote for the exchange rate for MXN $22.9 per dollar with a 3.4% inflation.

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It argued that the new projections are consistent with those of international organisms and analysts of the private sector.

The Finance Ministry said that the macroeconomic perspectives in the current crisis have a high level of uncertainty given the complexity of the situation of the epidemic.

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