April 30, 2020 / 10:21 PM / a month ago

Open, diversified economy to help Mexico recover from coronavirus -official

MEXICO CITY (Reuters) - Mexico’s economic recovery from the coronavirus outbreak will benefit from the country’s supply chain integration with the United States and Canada, a finance ministry official said on Thursday.

Deputy Finance Minister Gabriel Yorio, speaking on a video conference, said he hoped that the Mexican economy, which was in a mild recession even before the pandemic, would make a “V”-shaped recovery and vowed to do what is necessary to make it happen.

Mexico has “a diversified economy with the capacity to recover from major shocks, an open economy with many treaties,” Yorio said. “This gives us a great deal of integration in value chains, especially in North America, and will allow us to synchronize our recovery with that of the United States and Canada.”

The government would implement measures to bolster consumption and employment in Latin America’s second-largest economy once the pandemic and the measures designed to contain it pass, Yorio added.

He recognized the challenges that national oil company Petroleos Mexicanos, or Pemex, was facing after earlier on Thursday reporting a $23.6 billion net loss for the first quarter, but said they were “temporary.”

Mexico’s revenues from oil sales would also be lower, he added, after the price for its main export crude dropped and the country agreed to production cuts.

Reporting by Sharay Angulo; Writing by Stefanie Eschenbacher; Editing by Dave Graham and Leslie Adler

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