The Mexican economy shrinks for the 5th straight quarter.
Mexico's economy suffered its worst recorded contraction in the 2nd quarter of 2020 after being ravaged by the coronavirus pandemic, the national statistics institute said on Thursday, July 30.
Mexico has the 4th highest number of coronavirus deaths in the world, after the United States, Brazil, and Britain, with over 45,000 recorded deaths since its first case was reported in late February. In its year-on-year comparison, the Mexican economy has shrunk by 18.9%. It was the 5th successive quarter in which the economy has contracted.President Andres Manuel Lopez Obrador said he expected things to quickly improve.
The Central Bank predicted in May that the economy would fall by 8.3% to 8.8% in 2020 due to"the depth and duration of the consequences" of the pandemic.
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