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Mexico’s economy is likely to have shrunk by 17% in April, finance minister Arturo Herrera told local broadcaster W Radio on Thursday. However, he reassured that the economy could shrink “a little less” in May as lockdown measures ease.
The second-largest economy in Latin America shrank by 1.2% from January to March, according to the latest official data. The three-month decline is seen as Mexico’s fourth consecutive quarterly plunge in Gross Domestic Product and is its weakest performance in over a decade.
Herrera said that the government had launched a gradual re-launching of its economy at the start of June, with priority given to officially-designated "essential" industries. Operations for car manufacturing, mining, and construction industries have been allowed to restart provided that it follows safety protocols.
However, Mexican central bank Banco de México has estimated that the economy could shrink by 8.8% in 2020. Meanwhile, private sector analysts forecast a gloomier 10% contraction in the economy for the year.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
Japan's industrial output is expected to recover in June from a double-digit decline in May amid hopes that factory activity may have reached its lowest due to the coronavirus pandemic, according to a Reuters’ poll of 13 economists. While ...
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