MEXICO CITY, Dec. 1 (Xinhua) -- Private-sector financial analysts in Mexico have forecast a 9 percent drop in gross domestic product (GDP) in 2020, a slight improvement over the 9.31 percent drop previously forecast, the central Bank of Mexico (Banxico) said on Tuesday.
According to the bank's survey, analysts also upgraded their 2021 growth forecast, from the 3.2 percent expansion in GDP projected in October to 3.34 percent.
Mexico's economy, the second largest in Latin America after Brazil, contracted 0.1 percent in 2019, its first contraction in a decade, according to the most recent revised official figures.
This year, experts forecast a much larger collapse in the economy due to the impact of the novel coronavirus (COVID-19) pandemic.
The International Monetary Fund (IMF) has also forecast the Mexican economy will contract 9 percent in 2020 due to the pandemic, its worst setback since the Great Depression of the 1930s.