LatinNews Daily - 30 March 2020

* According to estimates from the Organisation for Economic Co-operation and Development (OECD), Mexico will suffer a 30% decrease in economic activity due to lockdown measures applied to prevent the spread of coronavirus (Covid-19) – the second worst hit country (after Greece) of a selected 47 advanced and emerging economies analysed by the OECD. The OECD stressed the difficulty of quantifying the economic impact of partial or total shutdowns on activity, but under the current global scenario estimates that a month of measures will shave up to two percentage points off predicted annual GDP growth. However, OECD Secretary General José Angel Gurría emphasised the necessity of containment measures in his virtual G-20 summit statement, highlighting that “the high costs that public health measures are imposing today are necessary to avoid much more tragic consequences and even worse impacts on our economies tomorrow”.

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