Mexico plunges deeper into recession that predated pandemic

MEXICO CITY – Mexico is plunging deeper into a recession that predated the pandemic.

The country’s statistical agency says economic activity dropped 1.6% in the first quarter compared to the final three months of 2019. It was the fifth consecutive quarter of economic contraction and the biggest since 2009.

A report released Thursday said gross domestic product for the first quarter was 2.4% below the first quarter of 2019. The country’s economy has been slowing since mid-2018.

Mexican President Andrés Manuel López Obrador has said he does not want the country to take on more debt during the pandemic. He has been criticized by the business sector for not doing enough to keep the economy afloat.