Mexico’s President said there will not be a big economic stimulus package related to the coronavirus pandemic, although the country is facing a crisis unlike anything before.
Andrés Manuel López Obrador struck an optimistic tone Sunday, uncommon elsewhere nowadays, as the COVID-19 has drastically slowed the economy around the world.
"This crisis is temporary, transitory and will soon return to normal. We will defeat the coronavirus, we will revive the economy and Mexico will continue to stand up and show the world its glory and greatness," Obrador said.
Mexico's economy has already been in recession. Last week, Mexico's Treasury said the country's economy would contract up to 3.9% in 2020 because of the coronavirus.
Private analysts have predicted a deeper dive. Thursday, Bank of America said that Mexico's GDP could contract 8% this year.
Mexico is a close economic partner of the United States and it is expected to have directly or indirectly some benefit from the $2 trillion stimulus package approved by the U.S. Congress and signed by President Donald Trump.
As of Sunday, Mexico had confirmed 94 deaths related to the coronavirus and over 2,100 infections.
