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Mexico’s commercial, tourism sectors expect US $20.8bn loss

05/26/2020
Mexico's commercial, tourism sectors expects US $20.8 bn loss

Photo: Agencia Reforma (Archivo/ Alejandro Mendoza)

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• ESTIMATES: The forced lockdown of Mexico’s commercial and tourism sectors due to the coronavirus pandemic is expected to have triggered a loss of at least US $20.8 billion between March 17th and May 10th, according to new estimates by the Mexican private sector.
• EMERGENCY: Even when the government only declared a health emergency until March 30th, many businesses across Mexico had began to slow down operations since mid-March. The pandemic arrived in Mexico only weeks before the two-week Holy Week vacation period.
• BLOW: “These decisions (the closures) represent a hard economic blow for thousands of micro, small and medium-sized companies, but also for large corporations”, said José Manuel López Campos, head of Mexico’s commercial and tourism chamber (CONCANACO).
• CRISIS: Different to other countries in Latin America, Mexico has not implemented any major fiscal relief packages for the private sector. A survey among private analysts released by Mexico’s central bank on Monday showed that the estimated economic contraction for 2020 is 7.1% of GDP.
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  • Home
  • Opinion
    • Andrés Martínez
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    • Cecilia Farfán
    • David Shields
    • Devry Boughner Vorwerk
    • Gerónimo Gutiérrez
    • Guest Column
    • Jorge Suárez Velez
    • Joy Olson
    • Luis Rubio
    • U.S. Mexico Foundation
    • Vanda Felbab-Brown
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    • Border Crossings
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    • Travel Security
    • Trade Flows
  • Newsrack
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© 2019 Mexico Today.