Xinhua
02 Oct 2020, 02:29 GMT+10
MEXICO CITY, Oct. 1 (Xinhua) -- Private-sector financial analysts in Mexico forecast the economy will contract 9.8 percent in 2020, slightly less than the 9.9 percent contraction they forecast in August, the central Bank of Mexico (Banxico) said on Thursday.
For 2021, analysts project gross domestic product (GDP) will expand 3.2 percent, higher than the 2.95 percent previously forecast, according to Banxico's survey of 37 economic analysis and consulting groups from Sept. 24 to 29.
Latin America's second largest economy, after Brazil, contracted 0.3 percent in 2019, its first negative growth in a decade, but experts expect a bigger drop this year due to the impact of the novel coronavirus (COVID-19) pandemic.
Inflation is expected to register 3.86 percent at the end of this year, slightly higher than the 3.82 percent projected in August, while 2021 is forecast to see 3.55 percent inflation, down from the 3.56 percent previously projected.
Mexico ended 2019 with inflation at 2.83 percent, its lowest level since the end of 2016 and its second lowest level on record.
Banxico has an inflation target of 3 percent, with a one-point margin of error up or down.
Regarding the national currency, the experts consulted by Banxico projected an exchange rate of 22 pesos to the U.S. dollar by the end of 2020, lower than the 22.6 pesos estimated in August.
Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
BEIJING, July 5 (Xinhua) -- No dull rows of chairs and tables, no endless slides of charts and numbers -- instead, a gleaming statue...
KHARTOUM, July 5 (Xinhua) -- After more than two years of devastating conflict, Sudan's capital Khartoum is slowly emerging from the...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
Birmingham [UK], July 5 (ANI): Indian skipper Shubman Gill concluded a record-breaking Birmingham Test against England with breathtaking...
Birmingham [UK], July 5 (ANI): The Indian cricketing fraternity expressed happiness as skipper Shubman Gill continued his monumental...
Birmingham [UK], July 5 (ANI): Indian skipper Shubman Gill's dreamy, record-breaking continued to tire out bowlers and statisticians...