The pandemic has driven Mexico into its deepest economic downturn since the Great Depression, with 12 million jobs already lost, 150,000 small businesses closed and the economy expected to contract by as much as 12.8% this year.
“I think this is going to be horrendous in terms of increasing inequality,” said Juan Carlos Moreno-Brid, an economist at the National Autonomous University of Mexico. Even in the unlikely event that Mexico recovers quickly, he said, it could take until 2028 to restore the average income of a decade earlier.
Automation of Mexico’s factories will only make things worse.
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