January 10, 2020
1. World Bank reduces Mexico’s growth prospects to 1.2% for 2020
The World Bank cut Mexico’s GDP growth projection by 0.8% to 1.2% for 2020. In a report titled “Global Economic Prospects,” the multilateral lender reports that Mexico’s 2019 economic growth stood at 0%. On the other hand, the economic growth projection for 2021 was reduced by 0.6% to 1.8%.
The World Bank is expecting that Mexico’s economic growth will rise if “investors get confident and private sector gets more involved on infrastructure projects.” The report identifies “the slow economic growth of United States” as the main obstacle challenging Mexico and other economies closely linked to the U.S. from taking off.
2. Mexico assumes the presidency of CELAC
President Andrés Manuel López Obrador assumed the leadership of the Community of Latin American and Caribbean States (CELAC) during a ceremony at the National Palace, among ministers, vice ministers, ambassadors and government representatives from 29 of the 33 countries belonging to the regional entity.
After presenting the work plan for the entity, Mexican chancellor Marcelo Ebrard Casaubón assured that CELAC would be the most powerful instrument for cooperation in the region. The work plan includes 14 projects, such as the Latin American and Caribbean Spatial Program, the formation of specialized equipment for joint attention of disasters, and forums regarding science, technology and education, among others.
3. OECD report: obesity costs Mexico 5.3% of its GDP
General Secretary of the OECD, José Ángel Gurría revealed the damage obesity causes Mexico during a summit on “Overweightness, Obesity and Diabetes: effects on the country’s competitiveness.”
According to José Ángel Gurría, 73% of people in Mexico are overweight, a reality that costs the Mexican economy an estimated 5.4% of its GDP. Through the next 30 years, the public health issue will cost 2.4 million full-time workers and could lower the life expectancy of Mexicans by at least four years.
4. Former Mexican Secretary of Public Security negotiates with U.S. authorities to avoid trial for collusion with drug cartels
According to judicial documents revealed by New York Times journalist Alan Feuer, the former Secretary of Public Security of Mexico during the six-year term of Felipe Calderón, Genaro García Luna, is currently negotiating with the United States Government to avoid going to trial.
In the documents, Genaro García Luna put in a guilty plea regarding the acceptance of millions of dollars from criminal organizations and lying in statements, thereby avoiding a trial against him and reducing his penalty, in addition to collaborating with U.S. prosecutors.
5. President Andres Manuel López Obrador approval increases
According to a national survey carried out by El Financiero, President Andrés Manuel López Obrador closed 2019 with an approval rating of 72%, a 4% increase compared to November 2019.
The Mexican president’s disapproval is also at its lowest point since April 2019, standing at 29%. The study showed that people hold a positive view of the president on issues such as the fight against corruption, honesty and economic management; however, on the issue of security respondents were not as positive.
El Financiero: Sube a 72% aprobación de AMLO