Mexico's economic indicators signal less bleak COVID-19 impact: private sector

MEXICO CITY, Nov. 23 (Xinhua) -- Recent economic data from Mexico show the impact of the novel coronavirus (COVID-19) pandemic may be "less catastrophic" than originally feared, the Private Sector Center for Economic Studies (CEESP) said Monday.

However, it is necessary to boost investment to achieve a rapid recovery, the research arm of Mexico's Business Coordinating Council (CCE) said in its weekly economic analysis.

To achieve a sustained substantial improvement in the medium and long terms, Mexico needs an environment of trust, certainty and security for investment, which encourages job creation, the center said.

"The situation is still uncertain, especially when the possibility of a rebound in COVID-19 infections forces a new phase of partially closing down activities," said the center.

"But the results of some recent indicators point to a slightly less catastrophic performance than previously anticipated. As a result, the forecasts are being corrected favorably," the CEESP said.

According to CEESP, Mexico's economic growth forecast for 2020 has been slightly upgraded from a 10 percent drop to a 9 percent drop in gross domestic product (GDP).

Mexico registered 1,041,875 cases of COVID-19 as of Sunday night and 101,676 deaths from the disease.

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