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Weekly Report - 26 March 2020 (WR-20-12)

MEXICO: Consultations not just coronavirus shattering investor confidence

The Mexican economy is set to go into deep recession in 2020. It dipped its toes in with a nominal contraction in 2019 but, contrary to the confident assertions of President Andrés Manuel López Obrador, the coronavirus crisis is likely to crush the economy this year; meanwhile, the peso is haemorrhaging value and Mexico’s stock market (BMV) is in freefall. Attracting foreign investment at this juncture will be challenging but crucial to mitigate the impact of Covid-19. But on 23 March the government revealed that it could not give the go-ahead to a major large-scale investment project by a US brewer after it was rejected in a public consultation held over the previous two days.

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