Mexico's president revs up car industry, and wider economy

President Andres Manuel Lopez Obrador will lay out a roadmap on Wednesday for Mexico to re-open its economy, with a focus on the automotive sector whose supply chains are closely interwoven with U.S. carmakers.

Lopez Obrador has been eager to get Mexico's businesses firing again amid forecasts the economy could contract by as much as 10per cent in 2020, plunging the country into its biggest recession in living memory.Paving the way for a wider economic reopening, the Mexican government's health committee on Tuesday announced plans to put key industries such as the automotive, mining and construction sectors into the"essential activities" bracket.

The assembly plants"are going to start out at a 25per cent to 40per cent production rate, they're going to go as slow as they can to not create snags in the supply chain," Annese said. Lopez Obrador has sought to balance the trade off between limiting economic damage and saving lives but some lawmakers are unnerved at the speed that Mexico is moving to reopen businesses amid the rising death toll.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Swiss watch industry to decline by 25 per cent – the biggest drop in 50 yearsAs the country gradually eases its coronavirus lockdown, the figure paints a grim reality for the industry's post-pandemic recovery.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US auto industry workers return to jobs amid concerns of second COVID-19 waveDETROIT: Factory workers began returning to assembly lines in Michigan on Monday (May 11), paving the way to reopen the US auto sector but stoking ... Concerns about second wave? US is still deep into their 1st wave! 🤦‍♂️
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Britain's embattled aviation industry demands alternative to quarantineBritain's aviation industry called on the government to find an alternative to quarantine plans for international arrivals, or risk seeing ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Shut casinos hit Caesars as COVID-19 puts gambling industry in survival modeCaesars Entertainment Corp missed quarterly revenue estimates on Monday as it shuttered its casinos amid nationwide lockdowns to contain the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »