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LatinNews Daily - 25 January 2021

In brief: Mexico’s López Obrador pins hopes on US stimulus plan

* Mexico’s President Andrés Manuel López Obrador has hailed the proposed US$1.9trn stimulus plan unveiled by the new US President Joe Biden to address the impact of the coronavirus (Covid-19) pandemic in the US, saying “it will greatly assist in [reactivating] Mexico’s domestic economy”, due to the 38m Mexicans living and working there. José Luis de la Cruz, the director of a local think-tank Instituto para el Desarrollo Industrial y el Crecimiento Económico, said that while the Biden team did not design its economic plan with the express “intention” of helping the Mexican economy, its measures could have a positive “collateral” effect in terms of job market recovery and resultant impact on remittances sent to Mexico. De la Cruz added that the recovery of US consumption will “promote Mexican manufacturing exports”. However, de la Cruz argued that the US stimulus plan alone will not be enough to reinvigorate Mexico’s economy, and called for more domestic policies and a Mexican stimulus plan which President López Obrador has continued to resist.

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