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Thursday, January 26, 2023

Yucatán’s economic recovery predicted to be a long slog

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Carlos Rosado van der Gracht
Carlos Rosado van der Gracht
Born in Mérida, Carlos Rosado van der Gracht is a Mexican/Canadian blogger, photographer and adventure expedition leader. He holds degrees in multimedia, philosophy and translation from universities in Mexico, Canada and Norway. Sign up for the Yucatán Roundup, a free newsletter, which delivers the week's top headlines every Monday.
Yucatán’s slow but gradual economic recovery for is predicted through 2022. File photo

Economist Álvaro Cano Escalante projects a slow but gradual recovery for Yucatán’s economy through 2022.

At all levels of government, leaders have expressed cautious optimism regarding the future prospects of the economy. But given the numbers of business closures and lost jobs, the situation remains uncertain.

The state government of Yucatán has begun to roll out its plan to reactivate the economy and has been working with the private sector to share information pertaining to safety protocols specific to each industry.

According to Ernesto Herrera Novelo, Yucatán’s secretary of economic development, the state’s economy has held up better than those of other states. Returning to pre-2020 levels in key industries such as tourism will be extremely challenging, he added.

The recent announcement by the federal government of a nationwide COVID-19 vaccination program has sparked hopes across the country that a turning point in the fight against the virus might be on the horizon and bring along with it improvements to the economy.

The relative success of the Buen Fin holiday promotion, with retail sales only 9% below record-setting 2019 levels, along with the arrival of the holiday season, have been a boon for retailers which have been struggling for months, government sources indicate.

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