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Business & Finance

Mexico's economy to plunge less than feared: central bank

  • The country was still facing a "very adverse situation due to the pandemic," he added.
26 Nov 2020

MEXICO CITY: Mexico's pandemic-afflicted economy is forecast to contract by up to 9.3 percent this year, a less severe slump than previously feared, the central bank said Wednesday.

The Bank of Mexico had warned in August that Latin America's second-largest economy was in danger of shrinking by up to 12.8 percent in 2020.

Economic activity has since shown signs of recovering after an easing of pandemic control measures that had triggered an unprecedented 18.7 percent plunge in the second quarter from a year earlier.

Gross domestic product (GDP) rebounded 12.0 percent in the July-September period from the previous quarter, the most since record-keeping began several decades ago, according to an official preliminary estimate released last month.

The central bank now foresees a fall in GDP of between 8.7 and 9.3 percent this year.

"A high degree of uncertainty remains globally and nationally," Bank of Mexico governor Alejandro Diaz de Leon told reporters.

The country was still facing a "very adverse situation due to the pandemic," he added.

In 2021, economic growth of between 0.6 and 5.3 percent is expected, the central bank said.

Mexico has officially registered more than 100,000 coronavirus deaths -- one of the world's highest tolls.

The government imposed lockdown measures at the end of March and started gradually reopening the economy in June.

New restrictions have been introduced in recent weeks in response to an increase in infections and Mexico City authorities have said that the capital is close to entering a new lockdown.