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LatinNews Daily - 28 May 2020

In brief: Mexico’s central bank predicts sharp GDP contraction

* Mexico’s central bank (Banxico) has released its first quarter report, in which it notes that the onset of the coronavirus (Covid-19) pandemic has led it to make “unprecedented revisions to economic forecasts”. Banxico now forecasts the country’s GDP will contract anywhere between 4.6% and 8.8% in 2020, depending on one of three different scenarios. The recession could carry through to next year, with a 0.5% contraction expected in 2021 in the eventuality of a 'U-shaped' recovery. Banxico’s previous report, published before the outbreak of the virus, had forecast GDP growth for 2020 of 0.5%-1.5%.

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