Business

Mexican government reviews GDP expectations for 2020: a contraction of 3.9%

For 2021, Mexico expects to be back on track in a growing scenario

Mexico City skyline. Photo: Shutterstock

The Mexican‘s government reduced its estimated GDP growth for 2020 due to the coronavirus pandemic. From a range between 1.5% and 2.5%, the official forecast for the country’s GDP fall to -3.9% and 0.1%.

For the Mexican government, the macroeconomic prospects at the present conditions have a high level of uncertainty because of the complexity of the pandemic, which makes it difficult to establish a specific forecast of growth for the national economy.

For 2021, the Mexican government predicts that the economy may grow again, between 1.5% and 3.5%., a range based on the improvement in economic activity that is expected from the third and fourth quarters of this year.

Mexico City skyline. Photo: Shutterstock