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LatinNews Daily - 23 July 2020
In brief: Mexico’s consumption “unlikely” to recover in 2020, says Moody’s
* International ratings agency Moody’s has published a report which predicts Mexico’s private consumption is “unlikely” to see a speedy recovery in 2020, due to a concentration of coronavirus (Covid-19) cases in the country’s primary consumer hubs in and around Mexico City (CDMX). Extracts from the report reproduced by the local and international media highlight the size of the consumer market for CDMX, which has reported 70 fatalities per 100,000 people. Moody’s also notes that spending in Mexico “collapsed” across the first six months of the year due to measures taken to stop the spread of the virus. The latest (15 July) forecast from the United Nations Economic Commission for Latin America and the Caribbean (Eclac) predicts Mexico’s GDP will contract by 9% in 2020.
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