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LatinNews Daily - 01 April 2021

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In brief: Mexico’s finance ministry revises up GDP forecast

* Mexico’s finance ministry (SCHP) has revised up its GDP forecast and now estimates that the country’s GDP will grow 5.3% this year, after a record 8.2% contraction in 2020 due to the coronavirus (Covid-19) pandemic. This is an increase on the ministry’s previous prediction of 4.6% growth, which Finance Minister Arturo Herrera says is due to the country’s Covid-19 vaccination efforts, as well as the improved economic prospects globally. The favourable eocnomic outlook in the US following the approval of President Joe Biden’s US$1.9trn Covid-19 stimulus package is notably expected to have a positive impact on Mexico’s economic recovery. The SCHP currently forecasts 3.6% growth for 2022, saying that the economy will be back to pre-pandemic levels by the beginning of that year.