Bank of America sees Mexico economy contracting 8% in 2020

MEXICO CITY (Reuters) - Mexico's economy will likely shrink by 8.0% this year due to the effects of the coronavirus crisis and a drop in crude oil prices, Bank of America said on Thursday, slashing its previous forecast for a contraction of 4.5%.

After suffering the worst contraction in recent history in 2020, the Mexican economy should make up some of the ground next year, growing by around 4.5% in 2021, the bank forecast.

(Reporting by Noe Torres; Editing by Alex Richardson)

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