Mexican economy faces worst setback since the 1930s

02:00:00 AM, Sunday 31st of January 2021 | in business

Mexico's economy contracted 8.3 per cent in 2020 year-on-year, marking its worst setback since the 1930s largely due to the coronavirus pandemic and the related lockdowns, according to preliminary estimates published by the National Institute of Statistics and Geography (INEGI). In 2019, Mexico's GDP fell 0.1 per cent, accumulating two years of contraction, as per reports.