Analysts are warning that things could initially grow worse as the new president implements tough measures, such as cuts to the budget and devaluation of the peso, that could further weigh on consumers. Marci has stated that settling old debts will be a top priority after he is sworn in.
Oxford Economics projects gross domestic product could contract over the next two years before returning to growth of more than 5% by 2019.
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Max Chen contributed to this article.