While the federal government is seeking to enforce more federal control, state governments have increased taxes on gambling, and have been looking at ways to regulate the industry on a local level. Consequently state and federal lawmakers are set for a showdown over the industry’s future. Meanwhile lockdown has thrown the country into one of the worst economic slumps in the country’s history.
ECONOMIC WOES
Before the current crisis Latin America’s second largest economy in terms of GDP had already been struggling under President Andres Manuel López Obrador. López Obrador (known in Mexico by his initials AMLO) won in a landslide becoming the first leftist politician to be elected in Mexico in 30 years.
During the election, López Obrador promised to reduce unnecessary expenditure and expand social programmes without compromising the fiscal position of the country by putting an end to “neoliberal” policies that had been put in place by previous governments. López Obrador and his coalition, formed by his party Morena, and allied parties Encuentro Social and Partido del Trabajo, won a landslide. In a full sweep of power, Morena also took the federal congress and the mayor’s office of Mexico City. His presidency began in December 2018.
López Obrador has consistently criticised public officials and businesses working in tandem and his anti-corruption message is aimed not only at the gaming industry, but other businesses in Mexico. In September, he also proposed a referendum on possible corruption charges against five of his predecessors, accusing them of presiding over ‘excessive concentration of wealth, monumental losses to the treasury, privatisation of public property and widespread corruption.’ López Obrador's proposed ‘people's consultation’ is aimed at Carlos Salinas de Gortari, Ernesto Zedillo, Vicente Fox, Felipe Calderón and Enrique Peña Nieto, whose terms in power stretched from 1988 to 2018.
López Obrador has consistently criticised public officials and businesses working in tandem and his anti corruption message is aimed not only to the gaming industry, but other businesses in Mexico. In September he also proposed a referendum on possible corruption charges against five of his predecessors accusing them of presiding over "excessive
concentration of wealth, monumental losses to the treasury, privatisation of public property and widespread corruption.
Although the anti-corruption message has been welcomed there have been growing concerns over his handling of the economy. Te administration struggled to boost growth to fund welfare and infrastructure plans well before COVID- 19. Te economy went into a mild recession in the first half of 2019 and in that same year, Mexico’s gross domestic product (GDP) fell 0.5 per cent, the weakest showing
NEWSWIRE / INTERACTIVE / MARKET DATA P53
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