• FORECAST: The global economic effects of the coronavirus outbreak have already forced the Organization for Economic Cooperation and Development (OECD) to review Mexico’s 2020 GDP forecast from 1.2% in November to 0.7% now.
• GLOBAL: While Brazil avoided a GDP forecast cut due to its less dependence on foreign trade, Mexico appears to be closer to the worst economic downturn since the end of the Great Recession of 2009. The OECD expects global growth to be 2.4% in 2020.
• CONTAINMENT: “The virus risks giving an additional hit to a global economy that is already weakened by trade and political tensions. Governments need to act immediately to contain the epidemic”, said OECD chief economist Laurence Boone.
• SURVEY: A group of private-sector economics expert, consulted by Mexico’s central bank in February also lowered Mexico’s GDP prospects from 1% to the current 0.9%. In 2019, the Mexican economy contracted 0.1%.
