Mexico’s economy enters technical recession

MEXICO CITY (AP) — Mexico’s economy entered a technical recession at the end of last year with two consecutive quarters of contraction. That’s despite annual growth of 5% for 2021. Continuing issues with the global supply chain have been a problem for Mexican assembly plants. Despite COVID-19 infections falling late last year and there being few health-related restrictions the economy struggled. The government statistics agency says that in the last three months of 2021, the economy dropped  0.1% compared to the previous three months, when it shrank 0.4%. The 5% growth in 2021 followed an 8.4% contraction in 2020 when the coronavirus pandemic gripped Mexico.