Despite stagnation, Mexico’s President Obrador expects full economic recovery by mid-year

RIO DE JANEIRO, BRAZIL – The president acknowledged that although during the first quarter of the year there was “little growth” due to the second wave of coronavirus infections, no jobs were lost during that time.

President Andrés Manuel López Obrador reiterated that the Mexican economy is recovering from the devastating impact of the Covid-19 pandemic, and assured that by mid-year, the country will be in the same economic situation it was in before the disease emerged.

During his traditional morning press conference at the National Palace, López Obrador acknowledged that although in his report presented on Friday by the National Institute of Statistics and Geography (INEGI), the Gross Domestic Product (GDP) registered an annual contraction of -2.9%, he insisted that the country is growing economically.

He emphasized that although during the first quarter of the year there was “little growth” due to the second wave of coronavirus infections, no jobs were lost during that time.

“If we grew little in this quarter, it is because we were affected by the pandemic in the months of January, February and March, which is related to this calculation. Nevertheless, the economy did not collapse and, most importantly, macroeconomic balances were maintained, the peso did not depreciate, there are balances in terms of inflation, jobs continue to be created… We have not lost jobs for almost 4 months this year. Despite the pandemic, we have been recovering jobs since January and so far in April….. we are doing well,” he insisted.

That is why -he assured- by mid this year, the country will be in the same economic situation it was in before Covid-19 emerged.

Source: Infobae

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