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Spanish to English translations [PRO] Bus/Financial - Economics
Spanish term or phrase:detonar la actividad económica
Hello! I'm translating the following opinion article, critical of Mexican President Lopez Obrador and the way he is handling (or rather not handling) the COVID-19 emergency and the consequences it will have on the country's economy: https://www.elfinanciero.com.mx/opinion/jonathan-ruiz/el-pre...
There's a phrase I don't quite understand: "detonar la actividad económica." What does the columnist mean by "detonar" here?
Here's the context. The phrase is in the last paragraph, between asterisks. Thanks so much in advance!
"Estos son los riesgos que expuso y sobre los que conversamos:
Uno. El flujo de pasajeros internacionales hacia México sigue libre, lo que implica que el país puede importar más casos de Covid-19. En este continente, Canadá, Estados Unidos, Argentina y Bolivia, entre otros, ya restringen de alguna forma la llegada de visitantes. En África sucede lo mismo con Ghana, Marruecos y Kenia. Europa planea cerrar todos sus accesos. A decir de los datos disponibles, la llegada del virus a México continuará creciendo, a diferencia de lo que puede ocurrir en otras naciones.
Dos. Hoy todos quienes en este país tienen deudas o proveedores a los que pagan en dólares, necesitan más pesos para cumplir con un tipo de cambio a 23. Vienen mayores costos para empresas privadas y para Pemex. Indudablemente también para el Gobierno, que paga intereses en moneda extranjera. Si las remesas caen por la baja en la economía estadounidense, como seguramente bajarán las exportaciones, habrá que ver de dónde sacan los mexicanos dólares ahora que también el petróleo cayó por debajo de 20.
Tres. **************Detonar la actividad económica************* podría reducir el periodo de esta contingencia. Pero el Gobierno, en voz del subsecretario de Hacienda Gabriel Yorio, esperará a abril para actuar. "
In Ecuador they also did shut the economy last week or so. It is good that civil society has reacted positively, except in some areas where the incidence of the virus is much higher. The aim here is to flatten the shape of a curve that normally and for the most part is exponential. I think we would be able to see it in the next two to three weeks. It is good that politics has been put aside and everyone seems to be understanding that we cannot repeat some other experiences elsewhere. And yes, this is a huge exogenous shock, just when we least need it. Keep yourself safe!
I don't think there can any doubt at all that it means "detonar" (stimulate) the economy, after all, why would stopping (detener) economic activity be a task for the Treasury Secretary?
Interestingly (for me at least, being British and living in Mexico), the UK and Mexico, with conservative and liberal governments respectively, have both taken similar approaches, and in both cases the criticism of ineptitude and callousness from their opponents has been equally harsh. The problem for Mexico is that while Johnson in the UK has the luxury of abandoning the laissez-faire approach to essentially shut down economic activity and put the country under lockdown if he pleases, there's no way Lopez Obrador can ask or even order people to stay at home here for anything like the length of time Johnson can because the economic effect would likely be more catastrophic than the disease itself. I imagine you're facing similar scenarios in Colombia and Ecuador, no? I shudder to think about Central America and Venezuela.
Thanks for your input Giovanni. For the time being, and as you mentioned, most of the countries are analyzing and implementing inward-looking measures such as reducing interest rates, extending income tax and social security contributions payment deadlines. Banks are relaxing lending standards, refinancing non-performing loans (corporate and consumer). And yes, by protecting businesses, they are protecting employment and so families. Who knows, in the aftermath of coronavirus there could be a lot of international cooperation to help poorer countries. As for the particular case of Mexico, it is the mexican government who is in charge of implementing what they democratically consider is best for the country. Some have criticized Mexico, others the UK, but I neither think this is moment to get into politics, nor is the place to do so.
If the president of Mexico is being criticized for not closing the airports as they've done in other countries, then how can he, for example, "boost" the tourism industry if tourists can't go there?
I think 'Tres.' in the article refers to 'Dos.', where the contingency is described as potential distress (potential inability to repay debt, at the current exchange rate.) However in 'Tres.' the author suggests that boosting economic activity would reduce duration of such contingency.
Based on what other countries have forcefully had to do because of the current crisis, I think there's a slight possibility that the author meant "detener" instead of "detonar". I take it that you have no contact with the author, so it'd be difficult to confirm this guess. I read the article, and there's really no mention of the kinds of measures that would boost the economy in Mexico or elsewhere. In the best case scenario, they could probably "protect" businesses with fiscal or Central Bank measures (e.g. grace periods, tax reliefs, lower interest rates, etc.).