Projections for Mexico’s GDP contraction during 2020 range between -9 and -11%. COVID-induced shutdowns, along with heavy job losses in the tourism and hospitality industries, are not the only drag on the economy. The federal government has not only neglected to provide any stimulus or support for private business but has instead imposed increased tax burdens and regulations on the private sector. In general, private investment sentiment has deteriorated as previous concessions, contracts and projects have been unilaterally revised or scratched altogether by the government.
The Mexican peso has fluctuated between MX$ 20.90 and MX$ 22.43 to the US dollar over the last 30 days. This 7% range within a month has provided an additional variable with which scrap traders have been forced to contend.Read More Podcast
Alejandro Jaramillo , Glorem SC (MEX), Chairman of the BIR Latin America Committee