LatinNews Daily - 21 July 2020

* The American Chamber of Commerce of Mexico (AmCham) has forecast that Mexico’s GDP will contract by up to 12% in 2020, due to the decline in economic activity caused by efforts to contain the coronavirus (Covid-19) pandemic, according to a statement cited by the local media. Warning that the economic damage was already visible, with major declines in investment and production, the statement highlights that “due to the unfavourable global environment, the export sector is suffering major losses, which could lead to an even sharper fall in activity.”  The organisation also forecast up to 1.1m job losses in Mexico by the end of the year. AmCham’s GDP forecast is more pessimistic than that by the Organisation for Economic Cooperation and Development (OECD) which expects Mexico’s GDP to contract between 7.5% and 8.6%, and the United Nations (UN) Economic Commission for Latin America and the Caribbean (Cepal) which forecasts a 9% contraction.

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