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2017-10-12   11:12:02   INGLÉS
World Bank estimates minimum earthquake impact on Mexican economy

Washington, Oct. 12 (Notimex) - The World Bank said Wednesday that the impact of the earthquake on September 19, which left more than 300 people dead, will be minimal over Mexico's economy.

The impact of the disaster was not included in the projections released Wednesday by the multilateral organization on the Mexican economy, which according to the agency, will grow at a rate of 2.2 percent in 2017 and 2018.

Carlos Végh, the World Bank's chief economist for Latin America and the Caribbean, said that although the Mexican government has estimated that the cost of reconstruction will reach two billion dollars, "this is a preliminary figure".

"The Mexican economy is so large, (that) the effect of earthquakes on GDP (Gross Domestic Product) will be between 0.2 and 0.3 percent", said the official during the press conference, in which the report was presented on projections of growth for the region.

The bank's estimate is not as significant as those of private institutions, which highlight that the three areas most affected by the September 19 earthquake were Mexico City and the states of Mexico and Puebla, which together represent more than 25 percent of Mexico's GDP.

According to data from the Economic Commission for Latin America and the Caribbean (ECLAC), the 1985 earthquake had an impact of 2.1 to 2.4 percent of GDP in that year.

Asked about the effects that the renegotiation of the North American Free Trade Agreement (NAFTA) could have on the projections, the official explained that this was not incorporated because it is a fluid situation.

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