MEXICO CITY, Sept. 17 (Xinhua) -- Mexico's export and tourism sectors are likely to suffer from "stress" beyond 2021 due to slow economic recovery from the COVID-19 pandemic, credit rating agency Moody's said Thursday.
In a report titled "Full recovery for Mexico's corporate sector still two years away," the agency said "stress in Mexico's export- and tourism-dependent economy is likely to persist beyond 2021, even as economic growth recovers from a severe downturn in 2020, and a full recovery is at least two years away."
The agency said it expects Mexico's economy to rebound 3.7 percent in 2021, after contracting 10 percent in 2020 due to the pandemic.
The tourism sector will not return to pre-pandemic activity until 2023, as its full recovery will depend on consumers feeling comfortable traveling, which surely will not occur until effective vaccines and treatments are widely available, the agency said.
Moody's sees little improvement in 2021 for the airline, airport and hotel sectors, which have been severely affected.
However, sectors focused on consumption, including packaged foods and telecommunications, will see a gradual recovery, it said.
Mexican President Andres Manuel Lopez Obrador estimated the country will lose 1 million jobs in 2020 due to COVID-19, and said his administration is looking for ways to generate up to 2 million new jobs.