• LOST: At least 10% of Mexico’s estimated 2 million restaurants will not survive the coronavirus pandemic once lockdown orders and social distancing measures are lifted, according to Mexico’s restaurant chamber (CANIRAC). The restaurant industry estimates 200,000 jobs will be lost
• RELIEF: With no fiscal relief from the Mexican government and limited loan programs, restaurants remain mostly closed as the country hits pandemic peak on May 6. The restaurant industry estimates that 20% of restaurants remain open providing takeout and/or delivery service.
• UNEVEN: “Each city in the country is behaving differently in terms of social distancing. (The states of) Nuevo León and Jalisco are moving more rapidly towards a revival of the economy, but this is not the case in Mexico City”, said Francisco Fernández, president of CANIRAC.
• FORECAST: Following a series of downward forecasts for the Mexican economy, HR Ratings estimated that the country will face a 7.4% GDP contraction in 2020. The credit ratings agency is also forecasting a lost of more than 650,000 jobs stemming from the coronavirus shock.
