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The country has faced its deepest recession since 1930 due to the COVID-19 pandemic. Still, the economy seems to be recovering quickly since the Ministry upgraded its forecast from a 4.6 percent growth to 5.3 percent in 2021.
Mexico's authorities estimate that the economy might reach pre-pandemic levels within a year, the Ministry of Finance reported on Wednesday.
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The country has faced its deepest recession since 1930 due to the COVID-19 pandemic. Still, the economy seems to be recovering quickly since the Ministry upgraded its forecast from a 4.6 percent growth to 5.3 percent in 2021.
Actualmente gastamos más de 470 mil mdp en subsidios de luz para grandes corporaciones.
— Gobierno de México (@GobiernoMX) March 27, 2021
Con la Ley de la Industria Eléctrica terminaremos con estas malas prácticas, garantizaremos la libre competencia y beneficiaremos a las familias mexicanas. pic.twitter.com/qEVWgGsTHL
"We currently spend more than 470 billion pesos on electricity subsidies for large corporations. With the Electricity Industry Law, we will put an end to these bad practices, guarantee free competition and benefit Mexican families."
"We estimate that by the beginning of 2022, the economy will fully recover to levels before the pandemic, underpinned by the recovery of the dynamism of the internal market fueled by vaccinations and the reopening of activities," the Ministry predicts.
The Mexican Institute of Social Security reported recently that in February 2021, The economy recovered 115,287 formal jobs, as informal employees have kept a steady recovery since the end of 2020.
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