Mexico City, Jun 19 (IANS): Mexico's economy will recover full activity in the third quarter of 2021, reaching the levels prior to the arrival of Covid-19 over a year ago, President Andres Manuel Lopez Obrador said.

"Undoubtedly, by the third quarter of this year, we will be back to where we were before the pandemic," Lopez Obrador told reporters on Friday at the National Palace in Mexico City.

During his daily press conference, the President also noted that the latest forecasts estimate a growth of up to 6 percent for the Mexican economy in 2021.

"Mexico's economy is recovering very well and it did not cost us much in material terms. It cost us a lot in human terms, but in economic terms we are recovering, without having indebted the country," he added.

Mexico, Latin America's second largest economy after Brazil, plummeted 8.3 per cent in 2020, its worst record since the 1930s, due to the effects of the pandemic.

The Ministry of Finance estimates economic growth of 5.3 per cent for this year, as productive activities normalise and the country's vaccination plan against Covid-19 progresses.