LatinNews Daily - 05 June 2020

* The president of local think-tank Instituto para el Desarrollo Industrial y Crecimiento Económico (Idic), José Luis de la Cruz, has predicted that Mexico's public deficit will exceed M$600bn (US$27.5bn) in 2020. In a videoconference to discuss the effects of the coronavirus (Covid-19) pandemic on the industrial sector, hosted by one of the country’s leading business organisations, the Confederación de Cámaras Industriales (Concamin), De la Cruz explained that each month there is a negative difference of M$25bn between money actually raised by the government, and the revenue it had expected. He cited the 19% contraction in real public revenue in April, with a 7.6% fall in non-oil revenues, a 15.3% fall in tax revenues, and a 26.2% fall in revenue from income tax. “We are talking about a recession, although that has not yet been formally recognised”, he concluded.

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