LatinNews Daily - 24 June 2020

*The Mexican branch of BBVA bank has released a report warning that despite the slowdown in job losses in April, Mexico has several months of heavy job losses ahead, due to the lingering effects of economic shutdowns and the slow reactivation in production. Mexico accumulated losses of 838,000 formal jobs in the first five months of the year, erasing the effects of job creation efforts over the last two and a half years. While 192,000 formal jobs were created in January and February, there was a particularly sharp loss of 1m jobs in March-May. BBVA predicts that Mexico’s economy will only fully reopen by the end of the third quarter. Fears of lowered demand even when the economy does reopen, added to the lack of “sufficient or well-targeted stimulus to reactivate the economy” mean that it could take until the beginning of 2024 for the labour market to recover, or even longer.

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