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Mexican president: Economic recovery will be slow

Mexican president: Economic recovery will be slow

President Felipe Calderon says there are signs Mexico's economy is heading toward recovery, following the worst quarterly contraction since comparable record-keeping began in 1981.
Calderon says the recovery "will be slow, but positive for Mexico."
In a televised addressed Tuesday, he said that "there is initial data, still insufficient but very encouraging" that the economy will expand again.
Mexico's gross domestic product shrank 10.3 percent in the second quarter, in part because of a downturn in the United States, its largest trading partner.
The central bank predicts a full-year decline of between 6.5 percent and 7.5 percent for 2009, while the Treasury department forecasts a 5.5 percent decrease.


Updated : 2021-04-11 03:14 GMT+08:00