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Recent and upcoming investment in Mexico

COVID-19

The accelerated contagion of COVID-19 continued to worsen during August, with seven states now classified as red (highest alert) on the national epidemiological traffic light system and 17 states at orange, the second highest level of alert.  The country is currently reporting approximately 6,000 new cases per day nationwide, however this is down from over 20,000 per day earlier in the month.  Health Ministry authorities have reported that at least 17 states are beginning to register declines in the number of new cases, raising hopes that the third wave is beginning to ease.

ECONOMY AND INDUSTRY

  • Through the first six months of 2021, remittances to Mexico from abroad became the country’s single largest source of foreign currency, according to data from central bank Banco de México (Banxico). The US$23.6 billion in remittances during the period exceeded the value of other key income categories such as Foreign Direct Investment (FDI), petroleum exports and tourism. (La Jornada, August 18, 2021)
  • The Mexican Social Security Institute (IMSS) reported the number of formal jobs registered nationwide in the system reached a historic high in July. The number of part-time jobs declined, indicating that the recent reform to reduce the outsourcing of employment is driving companies to bring formerly independent workers on staff. (Reforma, August 13, 2021)
  • Income from international tourism in Mexico in June exceeded that of June 2019 by 4%, demonstrating significant recovery of Mexico’s tourism industry despite the ongoing pandemic, according to data from the National Statistics Institute (INEGI). The number of international tourists arriving in the country jumped 211% from June 2020, due to business shutdowns last year. (Citibanamex Reporte Económico Diario, August 11, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

COVID-19

The epidemiological conditions regarding the COVID-19 pandemic in Mexico continue to improve slowly but steadily.  According to the most recent version of the national traffic light system used to indicate the level of alert and restrictions on business activities and mobility, six Mexican states are now at green, or no restrictions, while 20 are at yellow or low restriction.  Mexico City remains at orange, denoting a relatively high rate of alert, however the city appears to be operating fairly normally albeit with widespread mask use and social distancing.  Approximately 10% of Mexicans have received at least one vaccination shot, compared with over 40% in the United States. Continue reading Recent and upcoming investment in Mexico

Mexican economy: Hoy no me puedo levantar

The spread of the COVID-19 virus in Mexico has not improved significantly this month and in fact has deteriorated in some areas.  Mexico has reported approximately 924,000 accumulated cases, ranking it 10th worldwide, and 92,000 deaths, fourth highest in the world.  Mexico City remains at the orange level of the epidemiological traffic light system, and the head of government of the capital, Claudia Sheinbaum, recently tested positive for COVID.  The city government is resisting raising the alert level to red, however authorities have said they intend to implement increased restrictions on activity to combat an upward trend in cases. Continue reading Mexican economy: Hoy no me puedo levantar