One million jobs could be lost in Mexico due to coronavirus

Mexican President Andres Manuel Lopez Obrador said the country stood up to a million jobs as non-essential industries and businesses remained shut.

Dark clouds were already looming on the Central American country with negative growth being registered before the pandemic struck. Various agencies are now forecasting the economic contraction to reach 9% for this year with only a gradual recovery next year.

“My prediction is that with coronavirus, a million jobs will be lost,” Lopez Obrador said in a televised speech.

However, he expressed confidence that the nation will recover strongly, insisting that “t we will create two million new jobs.” Mexico is the second largest economy in Latin America.

The job loss number matches the estimate by the country’s business coordinating council (CCE).

Lopez Obrador’s government repeatedly said it had the outbreak under control but since posted record numbers for new cases and deaths.

Guidelines on restarting operations related to construction, mining and car manufacturing where issued yesterday.

Read more via Reuters