Bank of Mexico cuts growth outlook on virus fears

The Bank of Mexico has revised its growth forecast for 2020 downwards, citing uncertainty around the spread of the coronavirus.

Mexico’s economy contracted by 0.1% in 2019, the first time in a decade.

In its quarterly report, the central bank lowered its GDP growth outlook for this year to between 0.5% and 1.5%. In its previous assessment, it forecast growth of between 0.8% and 1.8% of GDP. It expects a slight recovery in 2021, forecasting growth of between 1.1% and 2.1%.

In a statement