•CHANGE: The coronavirus pandemic has forced the permanent closure of 1.01 million Mexican businesses hitting particularly hard the country’s tourism-depending areas, new estimates by national statistics agency (INEGI) reveal. Mexico has also seen the birth of 619,000 firms for a net change of 391,000 less companies.
•TOURISM: According to INEGI, the states with the largest share of firms permanently closed were the tourism-dependent economies of Quintana Roo, in the Caribbean Coast, and Baja California Sur, in the Pacific Coast, with 31.8 percent and 28.1 percent of local firms shutting down respectively.
•DIFFERENCES: “The states with a clearly tourist orientation…have been impacted to a greater extent. The states that have a stronger industrial base -like Guanajuato, Aguascalientes and Puebla-…are where there has been less impact”, said Julio Santaella, the head of INEGI.
•NUMBERS: Excluding those in the agricultural sector, the total number of Mexican businesses prior to he arrival of the pandemic was 4.9 million. According to INEGI’s estimates, 94.1% of Mexican firms have not received any kind of government relief to survive the pandemic.
