We haven’t seen an economic downturn like this since the 1930s – AMLO.

The president said that the accumulation of more debt is being avoided by not applying for new loans and that austerity measures will continue to be applied.

MEXICO (Times Media Mexico) – “We have not seen an economic downturn in Mexico like the one we see now since the 1930s,” said Lopez Obrador during his Saturday report his social networks.

AMLO assured that although at an economic level “it is not good news,” he said that there are “hope and optimism” to move forward since he affirmed that the country has already touched bottom but already “we are going to emerge” because July was a better month than April, May, and June.

“That quarter (April to June) was very difficult, and the quarter of July, August, and September is up. In the last quarter of the year, we are already on the surface, we have already emerged, we are coming out of the crisis with a healthy economy,” he said.

According to Lopez Obrador, during the semester, Spain fell -13%, France -12, Italy -11%, Mexico -10%, Germany -7%, and the United States almost -5%. “We were expecting these data, in the case of our country, we have maintained that the economic crisis will have a ‘V’ picture, that is to say, that we fell and we will soon be out,” he said. 

He also said that the Mexican economy would be supported from “bottom to top” and that strategy, he said, “is already paying off.”

Another aspect that AMLO pointed out is in his peroration, the accumulation of more debt is being avoided, as the debt will fall due to the economic crisis. Still, no new loans will be requested, and austerity measures will continue to be applied.

“Instead of rescuing those at the top, banks, big companies, those at the bottom are being rescued,” he said.

Lopez Obrador said that the peso had depreciated more than 25 pesos per dollar and now is 22 pesos per dollar: “Our currency has appreciated from March to date,” he celebrated.

“The peso has devalued since I’ve been in office, only 9.4 percent, despite the crisis”. AMLO said.