Mexico's new Finance Minister Arturo Herrera said on Tuesday that he does n...
Arturo Herrera, Mexico's new Finance Minister, attends a news conference in Mexico City, Mexico July 9, 2019. REUTERS/Carlos Jasso
“I don’t see a recession around the corner ... I see that there has been a slowdown on a global level but we are very, very far from thinking that we are close to a recession,” Herrera told reporters, in his first press conference since being named finance minister. Herrera was asked about the risk that Mexico’s economy could slide into a technical recession, meaning two consecutive quarter of economic decline, when the statistics agency publishes gross domestic product data at the end of the month.
“Mexico seems to be virtually in a recession. GDP growth in the fourth quarter last year was barely positive and the economy contracted in the first quarter this year. We estimate that GDP will also contract in the second quarter, putting Mexico in a technical recession,” Bank of America Merrill Lynch said in a recent note to clients.
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