Banxico forecasts Mexican economy could fall by 8.8% in 2020

Bank of Mexico

The Bank of Mexico (Banxico) forecasts the Mexican economy could suffer its worst economic recession in modern history because of Covid-19.

In its quarterly report, the central bank says the economy could decline by 8.8% this year. More benign scenarios include contractions of 8.3% and 4.6%. “The maximum difference between scenarios is of more than 4 percentage points both in 2020, as in 2021. This represents the profound uncertainty to which the economy is subject,” says the institution.

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