We didn't go to business school, but this sounds like the opposite of good news, no?
Mexico's economy shrank 5.9% in the first quarter from the fourth quarter of last year -- showing the economy in its steepest decline since the depths of the country's 1995 peso crisis.
That translates to an annualized quarter-on-quarter drop of 21.5%. Compared to a year ago, gross domestic product fell by 8.2%, the country's statistics office said on Wednesday.
The worst may not be over for Mexico, which faces a dramatic fall in tourism because of the recent outbreak of A/H1N1 flu, on top of slumping demand from the U.S.
There's an old saying, that when the US sneezes, Mexico catches a cold. This turns out to be especially true if the US thinks it's sneezing because of swine flu.
Foreign visitors may generate $4 billion less in revenue this year than the $13 billion last year, says Tourism Minister Rodolfo Elizondo. The travel industry, Mexico's third biggest source of foreign income, employs 2 million.
Hotels in the resort town of Cancún are running at 29% occupancy during May compared to the usual average 74%, according to the regional hotel association
In light of all this, it does seem silly that the Mexican government has declared war on the one industry operating in the
1 comments:
I think you meant "operating in the BLACK".
And we have a powerful neighbour that wants us to have that war, haven't you heard?
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