section_path: Impact by region or country/Americas/Mexico
section_name: Mexico
paragraph_text: Mexico
  
  Mexico's outlook was already poor before the COVID-19 pandemic, with a mild recession in 2019. The economic development plans of president Andrés Manuel López Obrador were predicated on revenue from the state oil company Pemex, but the oil price collapse has now raised doubts on those plans. Beyond oil, the country's economy also relies on tourism, trade with the United States, as well as remittances, which all are also being affected. All of this leading to what could be Mexico's worst recession in a century, and the worst in Latin America after Venezuela. Beside this prediction, Mexico's economy shrinking in 2020 was less than that of Venezuela, Peru, Panama, Argentina and equal to that of Ecuador.