Mexican President Andres Manuel Lopez Obrador. Picture: REUTERS/EDGARD GARRIDO
On an annual, non-seasonally adjusted basis, GDP declined 18.9% during the quarter, the national statistics institute reported on its website on Thursday, compared with a forecast of a 19.4% drop. However, Jessica Roldan, an economist at Mexican brokerage Finamex, said signs of fresh outbreaks as the economy tries to reopen suggested that Mexico may not see a significant drop in the pace of new virus cases until October.
While data on Thursday showed the US economy recoiled at an annualised pace of 32.9%, Mexico’s collapse was a much steeper 53.2%, though both countries shut down, Serrano said. “Why? The US had a counter cyclical policy while Mexico had none.” Lopez Obrador said on Thursday that the country was on track to only lose 4,000 formal jobs in July after the economy shed more than 1.1-million posts from March to June. He touted the government’s social programmes and added that, just because GDP shrinks, it does not mean poverty will rise.
Source: Financial Digest (financialdigest.net)
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