Mexico is in crisis. Its president insists on alternative reality.
“Last Saturday, Mexico’s finance minister, Arturo Herrera, offered a grim assessment of the country’s outlook after the pandemic. This year and the next, Mexico will have “the strongest crisis since 1932,” Herrera said.
That might end up being an understatement. The Mexican economy is in shambles. GDP has contracted for five consecutive quarters, well before the pandemic began. Investment has fallen at record rates. Crucial industries, such as tourism, have collapsed. Over the past few months, the country has lost at least 12 million jobs, more than 1 million in the formal sector alone. Without help from the government, which has insisted in a policy of austerity, thousands of small businesses have gone underwater. Wages have fallen dramatically. By the time the crisis ends, experts predict 25…”