Mexico:2020 Article IV Consultation-Press Release; and Staff Report

2020 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 192020 Issue 293

Publication date: November 2020

ISBN: 9781513560243

$18.00

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Topics covered in this book

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Banks and Banking , Inflation , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , ISCR , CR , labor market informality , swap line , largely not observed , liability positions vis-à-vis nonresident , CFT effort , private sector , central bank , market liquidity , monetary policy , gross domestic product , COVID-19 , Public investment spending , Credit , Inflation , Global , North America

Also of interest

Republic of Congo : 2001 Article IV

Spain

Malawi

Peru

Summary

Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher. Of 12 million workers that lost their jobs, most of whom came from the informal sector with a limited safety net, over 4 million remain out of the workforce. The working poverty rate jumped to 48 percent. After a historic drop in output, there has been a trade-led bounce in manufacturing. But domestic demand is weak, as is services activity that employs most of the workforce. Staff projects the economy to shrink by 9 percent this year, followed by a gradual recovery. It could take years for employment and incomes to return to pre-crisis levels, compounding the long-standing challenge of achieving strong and inclusive growth.