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LatinNews Daily - 03 December 2020

In brief: Mexico’s small businesses hit by Covid-19 crisis

* Mexico’s national statistics institute (Inegi) has released the results of its 2020 survey of the demographics of businesses (EDN) in the country, according to which 99.8% of the 4.9m private or parastatal establishments registered in the country are classified as micro-, small-, or medium-sized enterprises (Mipymes). Of these Mipymes, an estimated 1.1m (over 20% of the total) have definitively shut down since the last survey in May 2019, over a year and a half during which businesses have been strongly impacted by the economic effects of the coronavirus (Covid-19) pandemic, while 619,400 new establishments were born. Inegi’s EDN survey found that the definitive closure of businesses cost the jobs of 3m people, while the companies that survived lost 1.14m jobs, and the newly-created companies employed 1.23m people – leading to an overall fall in the number of people employed by Mipymes, from 14.66m to 11.77m. 

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