• UNCERTAINTY: Mexico’s statistics agency (INEGI) reported that the country’s Gross Domestic Product (GDP) suffered a major setback in 2019 by shrinking 0.1%, with analysts saying that this is linked to a loss of confidence in some López Obrador Administration’s policies.
• DECADE: For the first time since the Great Recession of 2008, the Mexican economy contracted, giving a strong blow to President Andrés Manuel López Obrador plans to reach a rapid growth of 2%. Analysts believe that the cancellation of the new Texcoco Lake airport in 2018 detonated such fears.
• DROP: “When there are changes of Government there are always drops (in GDP growth). But this was magnified by the cancellation of the airport, which affected trust”, said Marco Oviedo, chief of Latin America economic research for Barclays, regarding the non-built airport.
• PASSENGERS: Since October 2018, the López Obrador administration has been mired in controversy, after deciding to cancel a partially built airport in Texcoco that would have handled 100 million passengers annually. The Mexican government has plans for a much smaller one.
