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Virus could cost Mexico a million jobs: president

Video Credit: Reuters - Politics - Duration: 01:24s - Published
Virus could cost Mexico a million jobs: president

Virus could cost Mexico a million jobs: president

Mexican President Andres Manuel Lopez Obrador said on Sunday that the novel coronavirus could cost as many as a million jobs in the country as many industries considered not essential remain shut.

Libby Hogan reports.

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The economic pinch of the pandemic in Mexico is hitting a wide range of people, from market sellers to mechanics.

And President Andrew Manuel Lopez Obrador says the virus could cost as many as a million jobs in his country.

In Mexico City's flower market, Cesar Reyes is worried about his business: "It's going to be difficult to recover from this.

And now, it's not just getting over the quarantine, but also from what comes after the quarantine.

We really don't know, but I think it's going to be very difficult." Mexico's economy was already in recession before the pandemic struck investment banks have predicted a retreat as large as 9% this year.

But on Sunday, the president tried to paint a rosier picture touting the promise of new jobs in the future, but with few details: "My prediction is that with coronavirus, a million jobs will be lost.

But, I also want to say that we already have a recovery and new job creation plan." His government has issued guidelines for restarting operations in carmaking, mining and construction in Latin America's second-largest economy.

Right now - Mexico's economy may be in freefall.

JP Morgan has projected a steep 40% decline in the second quarter.

And on Monday, it posted its worst trade deficit on record.

Lopez Obrador's government repeatedly said it had the outbreak under control but has since posted record numbers for new cases and deaths.




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