LatinNews Daily - 14 October 2020

*The International Monetary Fund (IMF) has published the latest edition of its World Economic Outlook Report (WEO), in which it projects a 9% GDP contraction for Mexico in 2020, with the economy reeling from the effects of the coronavirus (Covid-19) pandemic. This is a 1.5 percentage-point improvement on its previous projection, in July, but Mexico’s growth forecast remains below that of the average for Latin America and the Caribbean, which stands at -8.1%. Mexico is cited in the WEO as one of the countries to have seen weaker than projected growth in the second quarter as a result of the pandemic continuing to spread. Gian Maria Milesi-Ferretti, of the IMF’s research department, told Spanish news wire EFE that “aggressive” economic policies had helped improve the outlook in some Latin American countries (such as Brazil), but noted that Mexico “has been much more conservative in fiscal policy, it did not spend very much, especially in assistance to businesses”.

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