Mexico's economy plunges deeper into recession: Report

Mexico’s economic activity dropped 1.6% in the first quarter compared to the final three months of 2019, plunging the country deeper into a recession that predated the pandemic, according to a report released Thursday by the government statistical agency.

It was the fifth consecutive quarter of economic contraction and the biggest since 2009. The INEGI report said gross domestic product for the first quarter was 2.4% below the first quarter of 2019. The country’s economy has been slowing since mid-2018.

Mexican President Andrés Manuel López Obrador, who has said he does not want the country to take on more debt during the pandemic, has been criticized by the business sector for not doing enough to keep the economy afloat.

The economic consequences of social distancing measures to slow the virus’ spread are expected to be more fully on display in the second quarter.