“Our economy fell but we have already managed to recover the levels prior to covid”
The president said that although the Mexican economy fell during the most critical moments of the covid-19 pandemic, it has already recovered levels prior to the global health contingency. This was what he said:
What do the economic figures say about your mandate?
The main macroeconomic indicators have remained stable in Mexico since AMLO came to power in December 2018, with a slight impact caused by the covid-19 pandemic in 2020.
Mexico’s nominal GDP was in 2018 at US$ 1.22 trillion, and in 2019 it climbed to US$ 1.27 trillion, according to World Bank data. It had a significant drop in 2020 during the covid-19 pandemic, reaching US$ 1.09 trillion, and recovered in 2021 to US$ 1.29 million, for which the size of the economy has remained at a similar level during these four years.
Unemployment has also remained relatively stable: it reached 3.3% in 2018, grew to 3.5% in 2019 and then to 4.4% in 2020, remaining at that level the following year.
Similarly, the inflation from 4.9% in 2018 it went to 3.6% in 2019 and 3.4% in 2020, before rising to 5.7% in 2021, amid significant price increases around the world. And poverty, which reached 41.9% in 2018, had risen to 43.9% in 2020, according to data of the National Council for the Evaluation of Social Development Policy (CONEVAL)
The dollar was quoted at 21 Mexican pesos in 2018, and so far in 2020 it shows a slight appreciation: it was quoted at 20.03 Mexican pesos at the beginning of the week.
Regarding remittances, the money sent to the country by Mexican migrants from the United States and other countries has shown a significant increase: in 2018 they amounted to US$33,677 million, and closed in 2021 at US$51,585 million, according to with el Bank of Mexico. And so far in 2022, from January to June, remittances amount to US$27,565 million, above the US$23,647 million for the same period in 2021.