Mexico, a Latin American country reported its first cases related to COVID-19 at the end of February 2020. Till 9th April 2020, around 3,200 cases and 175 mortalities have been registered in the country due to the COVID-19 pandemic. As per the International Monetary Fund, the country is the second-largest Latin American economy with a GDP of $1.3 trillion in 2019. The country showed modest GDP growth of 1.1% in 2019. 

The impact of COVID-19 pandemic on Mexico's economy is studied by classifying the economy into energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and other verticals. Most affected sectors in the country include aviation, tourism, and other temporary works. As per the National Tourism Business Council (CNET), the tourism sector provides employment to 4.0 million people in the country. Due to COVID-19 pandemic around 4,000 hotels with a capacity of 52,000 rooms along with 2,000 restaurants have been closed in the country. Moreover, as an estimate, the aviation industry has a loss of around $1.3 billion due to the grounding of planes due to COVID-19 in Mexico. The cruise industry has also affected significantly due to the pandemic. 

The COVID-19 outbreak results in a major slowdown in all major economies due to which the export of the country has been affected. Mexico is the 2nd largest good supplier in the US. As per official data, Mexico exported goods of $346 billion in 2018 which was 10.6% higher YoY. Besides, as per the International Organization of Motor Vehicle Manufacturers, the country is the sixth-largest vehicle manufacturer with around 4.0 million vehicle production in 2019. Due to the free trade agreement, the country is one of the most favorable locations for European auto manufacturers. Up to $4,000 can be saved when a $25,000 car is exported to the EU due to tariff advantage. As Europe is affected significantly, the country’s automotive exports are expected to hit considerably in 2020. 

Key companies operating in Mexico whose business operations are affected due to COVID-19 include Aerovías de México, S.A. de C.V., General Motor Co., Interjet Airlines, Toyota Motor Co., Transportes Aeromar, S.A. de C.V., Volkswagen AG, Grupo Posadas SAB de CV and so on. Numerous manufacturing companies have shut down their operations due to the coronavirus. On March 18th Ford Motor Co., Honda, and Audi announced to shut down their manufacturing plants in the country. Honda has announced to keep its plants shut till the start of May 2020. Moreover, Mazada also shut down its single manufacturing plant for 10 days on March 24 due to the pandemic in the country. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Mexico's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Mexico's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Mexican economy.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Mexican economy.
• Insights about market determinants which are stimulating Mexico's economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.