The Organization for Economic Cooperation and Development (OECD) has downgraded its 2020 economic forecast for Mexico to a contraction of 10.2% down from -7.5% in June.
Among G20 counties, Mexico is predicted to suffer the fourth deepest recession after South Africa, Argentina and Italy. The OECD predicts that India will suffer an economic contraction equal to that forecast for Mexico.
The only G20 country where the economy is forecast to grow this year is China with GDP to increase 1.8%, according to the OECD. Global GDP is predicted to decline 4.5% in 2020, a 1.5% improvement compared to the OECD’s June forecast.
In its Interim Economic Outlook report, titled Coronavirus: Living with uncertainty, the OECD said that output declines in 2020 in Mexico, Argentina, India and South Africa are projected to be even deeper than anticipated earlier due to “the prolonged spread of the virus, high levels of poverty