Mexico’s economy to advance with ease: finance ministry

Mexico’s economy was predicted to expand more than 5% this year. The finance ministry viewed that an expansion would come easily, with the government working on ways to reduce tax evasion before discussing potential tax reform.

Vaccinations across the globe and U.S. President Joe Biden’s massive stimulus package were expected to alleviate the country’s economy, Finance Minister Arturo Herrera told students at the National Autonomous University of Mexico on Monday.

In 2020, Mexico had seen its sharpest economic contraction in almost 90 years. The coronavirus-driven downturn had resulted in an 8.5% contraction in gross domestic product. While there was a decline, Latin America’s second-largest economy still accelerated faster than what was estimated in the fourth quarter of 2020.