Bad News

In 2009, Mexico's economy will contract by between 0.8 and 1.8 percent, and will shed 340,000 formal jobs, according to Mexico's central bank chief, Guillermo Ortiz. Three months ago, Banxico was saying that Mexico would grow in 2009 by a factor of between 0.5 to 1.5 percent. In 2008, just 37,000 jobs were lost in Mexico, and the economy grew by 1.8 percent.