May 5, 2020 / 2:51 PM / a month ago

Mexico central bank says expected declines in global economy not seen since Great Depression

MEXICO CITY, May 5 (Reuters) - The economic shock from the coronavirus pandemic is already clearly visible in the Mexican economy and forecast declines in global economic activity are of a magnitude not seen since the Great Depression, Mexico’s central bank minutes said on Tuesday.

Most of the bank’s board members said the economic shock is observable in consumer and business confidence, credit card spending, manufacturing orders, purchasing managers’ indices, car sales, air and land transportation, and hotel occupancy and tourism flows.

The bank unveiled on April 21 around $31 billion in support for the financial system and cut borrowing costs in the country’s most decisive move yet to help the economy weather the pandemic. (Reporting by Anthony Esposito; Editing by Frank Jack Daniel)

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