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Mexico slumps to 'Great Depression' economic lows, central bank...

by Declan Whitlow (2020-09-06)


By Anthony Esposito

MEXICO CITY, Aug 26 (Reuters) - Mexico's economy could contract by almost 13% this year, the central bank warned on Wednesday, after GDP data showed the pandemic lockdown had thrown the country into the deepest slump since the Great Depression.

Offering some rays of hope after lowering its economic forecast for the year, the Banco de Mexico suggested in its quarterly report that a recovery could happen more quickly next year than previously thought.

However, even in the bank's most optimistic scenario, Latin America's second-largest economy will be smaller at the end of 2021 th