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Weekly Report - 09 April 2020 (WR-20-14)

MEXICO: Economic rescue plan falls flat

“Mexico’s economy could end 2020 with a 5% contraction, and this could be the lost sexenio if more measures are not adopted”. This was the damning verdict on the economic rescue plan presented by President Andrés Manuel López Obrador to address the economic impact of the coronavirus (Covid-19) pandemic by the Confederación Patronal de la República Mexicana (Coparmex), one of Mexico’s main business organisations. The business sector urged the López Obrador administration to adopt fiscal measures in support of businesses to protect jobs amid the enforced paralysis of economic activity during the public health emergency. But unlike many governments across the world, the Mexican government is not offering tax relief to businesses and the fear is that this will prove to be devastating for jobs and the national economy.

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