LatinNews Daily - 08 June 2022

In brief: Mexico highlights struggle of Covid-19 recovery

* Mexico’s finance minister, Rogelio Ramírez de la O, has stated that it was “hard work” to bring about the recovery of the country’s economy to levels seen before the coronavirus (Covid-19) pandemic. Speaking at the national meeting of regional advisors for the Mexican branch of Spanish-owned BBVA bank, Ramírez de la O noted that the pandemic caused a historic contraction of 8.2% of GDP in 2020, with a rebound of only 4.8% by 2021. Mexico’s finance ministry (SHCP) expects GDP growth of 3.4% in 2022. Ramírez de la O said that Mexico’s economy was “not in an ideal situation for a major crisis like the one we had in 2020”, although adding that it was “a diversified economy that can draw from different sectors”. Despite the challenges, Ramírez de la O also highlighted that “investment in our country is showing signs of recovery, the external sector is showing strength and the public debt to GDP ratio remains stable”.

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