Latin American Economy & Business Report
03/2020 - Coronavirus poses risks to Mexico’s economy
The Mexican economy, like many others, is exposed to the coronavirus (Covid-19) pandemic. To date, there are few confirmed cases in the country, but Mexico’s open and export-dependent economy makes it highly vulnerable to broader developments in global markets, particularly the US given the close trading and investment links.
The first person in Mexico was diagnosed with Covid-19 on 28 February. Since then there have been dozens of other confirmed cases. However, there are significant concerns about the lack of diagnostic testing, with many doctors stating that the official data on virus massively under-states the actual number of infected people in the country. As of 11 March, Mexico’s health ministry stated that it had only performed 324 tests. President Andres Manuel Lopez Obrador has insisted that “we are ready”, that Mexico has the doctors, specialists, hospitals, and capacity to tackle the pandemic.
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