MEXICO CITY, June 18 (Reuters) - The coronavirus pandemic has likely triggered Mexico’s deepest economic contraction since the Great Depression, Mexico’s finance minister said in an interview with Banorte analysts.
Finance Minister Arturo Herrera has previously said the economy likely shrank by 17% in April and private sector analysts estimate an annual contraction of 10% or more by year’s end.
“It’s probably the most serious crisis since 1932,” Herrera said in the Banorte interview, which was published on Wednesday.
Mexico’s economy slipped into a mild recession in 2019, its first contraction in a decade. Between 1925 and 1932, Mexico’s economy shrank 22%, according to central bank data. (Reporting by Daina Beth Solomon Editing by Paul Simao)