There is uncertainty, and the speed of economic revitalization is uncertain: the Treasury

As the coronavirus epidemic continues, expectations regarding the rate of recovery of the Mexican economy during the second half of the year and in 2021 are subject to “To a high degree of uncertainty”, This Thursday indicated the Finance Ministry.

In its report on the economic and fiscal situation, the Treasury indicated this in the second quarter of the year The Mexican economy “reached its lowest point”, To close the economic activities ordered by the pandemic.

Although, according to the Treasury, signs of improvement were noticed in June, particularly in foreign trade and the construction and manufacturing sectors, the department repeated the word of uncertainty on several occasions in its report, as there is no vaccine yet or in Mexico and other countries it does not know. Certainty of what the economy will perform.

“The speed of reactivation remains uncertain. It is due, among other factors, to the ongoing COVID-19 pandemic; Uncertainty about when a vaccine or treatment will be available for the disease, allowing for a safe and wide reopening; And the return of trade tensions between the United States and China, “the Secretariat said.

With regard to the figures, the Treasury indicated that the oil revenues of the public sector amounted to 249,795 million pesos. 208,811 million pesos compared to what was programmed and by 41.3% in real terms compared to what was observed in the first half of 2019.

The newspaper pointed to this decline in oil revenues Financial, Is the worst since 1991, when recording began.

“During the first semester, the revenues of the public sector budget amounted to 2 trillion 603 thousand seven million pesos, an amount that is 168 thousand and 966 million pesos less than expected in the program and 3.7 percent less, in real terms, with regard to the first semester of Year 2019 ”.

In light of the current economic and financial situation, Hacienda insisted, “Mexico has a strong and resilient financial system,” and The obligation not to use additional debt of those approved by Congress is maintained.

Inegi reported on Thursday that Mexico’s GDP posted a historic low of 17.3% in the second quarter of 2020.

In light of this, President Andres Manuel Lopez Obrador indicated that the decline in GDP reported by Inegi is a number they expected because the months hardest hit by the epidemic are measured, namely April, May and June, although according to the economy already it is stated that it is recovering.

“I can tell people the worst is over, We are already recovering and the data for July, August and September will be better. “