March 27, 2020 / 12:23 AM / 2 days ago

Moody's sees Mexican economy shrinking 3.7% this year

MEXICO CITY, March 26 (Reuters) - Ratings agency Moody’s said on Thursday it expects Mexico’s economy to contract 3.7% in 2020 and grow just 0.9% in 2021, as the country grapples with the economic shocks of coronavirus.

Moody’s said it expects the government to announce “limited” fiscal measures equivalent to no more than 1% to 2% of GDP to tackle the crisis. It also predicted the economy will shrink about 5% in the second quarter compared to the previous quarter. (Reporting by Diego Ore, Writing by Daina Beth Solomon)

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