{
  "title": "Mexico: 2020 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, November 4, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/11/03/mexico-2020-article-iv-consultation-press-release-and-staff-report-49863",
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  "summary": "Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Covid-19 has exacted a tragic human, social, and economic toll on Mexico.\n- Over 85,000 lives were lost; unofficial estimates are notably higher.\n- Of 12 million workers that lost their jobs, most of whom came from the informal sector with a limited safety net, over 4 million remain out of the workforce.\n- The working poverty rate jumped to 48 percent.\n- After a historic drop in output, there has been a trade-led bounce in manufacturing, while domestic demand is weak and services activity (which employs most of the workforce) remains weak."
    },
    {
      "heading": "Labor market and poverty",
      "content": "- 12 million workers lost their jobs during the Covid-19 shock.\n- Over 4 million of those workers remain out of the workforce.\n- The working poverty rate increased to 48 percent.\n- Job losses were concentrated in the informal sector, where workers typically face a limited safety net."
    },
    {
      "heading": "Output, sectoral developments, and recovery",
      "content": "- The economy experienced a historic drop in output during the Covid-19 crisis.\n- A trade-led bounce has supported manufacturing.\n- Domestic demand is weak.\n- Services activity, which employs the majority of the workforce, remains weak.\n- Recovery in employment and incomes could take years, compounding the long-standing challenge of achieving strong and inclusive growth."
    },
    {
      "heading": "Projections and outlook",
      "content": "- Staff projects the economy to shrink by 9 percent this year, followed by a gradual recovery.\n- Employment and income levels may take years to return to pre-crisis levels."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Banking, COVID-19, Credit, Expenditure, Health, Inflation, Money, Prices, Public debt, Public investment spending\n- central bank, CFT effort, COVID-19, CR, Credit, Global, gross domestic product, Inflation, ISCR, labor market informality, largely not observed, liability positions vis-à-vis nonresident, market liquidity, monetary policy, North America, private sector, Public investment spending, swap line\n\nInternational Monetary Fund. Mexico: 2020 Article IV Consultation-Press Release; and Staff Report. November 4, 2020.\n\n---\n\n Content in this bundle\n\n- Mexico: staff report excerpt\n  - Mexico: staff report excerpt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Mexico: staff report excerpt (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: November 4, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513560243.002",
    "Covid-19 has exacted a tragic human, social, and economic toll on Mexico.",
    "Over 85,000 lives were lost; unofficial estimates are notably higher.",
    "Of 12 million workers that lost their jobs, most of whom came from the informal sector with a limited safety net, over 4 million remain out of the workforce.",
    "The working poverty rate jumped to 48 percent.",
    "After a historic drop in output, there has been a trade-led bounce in manufacturing, while domestic demand is weak and services activity (which employs most of the workforce) remains weak.",
    "12 million workers lost their jobs during the Covid-19 shock.",
    "Over 4 million of those workers remain out of the workforce.",
    "The working poverty rate increased to 48 percent.",
    "Job losses were concentrated in the informal sector, where workers typically face a limited safety net.",
    "The economy experienced a historic drop in output during the Covid-19 crisis.",
    "A trade-led bounce has supported manufacturing.",
    "Domestic demand is weak.",
    "Services activity, which employs the majority of the workforce, remains weak.",
    "Recovery in employment and incomes could take years, compounding the long-standing challenge of achieving strong and inclusive growth.",
    "Staff projects the economy to shrink by 9 percent this year, followed by a gradual recovery.",
    "Employment and income levels may take years to return to pre-crisis levels.",
    "central bank, CFT effort, COVID-19, CR, Credit, Global, gross domestic product, Inflation, ISCR, labor market informality, largely not observed, liability positions vis-à-vis nonresident, market liquidity, monetary policy, North America, private sector, Public investment spending, swap line",
    "**Mexico: staff report excerpt**"
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