Mexico City, Sep 2 (IANS): For Mexico, the worst of the health and economic crises triggered by the coronavirus pandemic is over, President Andres Manuel Lopez Obrador said.

In his second state of the nation address, the President on Tuesday said the country was gradually restarting productive sectors hit by the lockdown measures aimed at containing the spread of the virus, reports Xinhua news agency.

"I predicted that the economic crisis caused by the pandemic would be transitory. I said it would be like a 'V': that we would fall but that we would get back up soon," Lopez Obrador said from the National Palace.

"Fortunately, this is what is happening. The worst is over and now we are moving up."

The President also held a minute of silence for the people who died due to the virus.

His address mainly focused on his government's crusade against corruption and waste, which he said has saved the public sector as much as 560 billion pesos ($26 billion) since he took office in 2018.

The resources have been used to fund welfare programs for the poor, elderly and disadvantaged children, mainly in rural and indigenous communities, he said, noting that improving the quality of life for the most vulnerable is also part of his campaign to fight crime.

"It should not be forgotten that by focusing government solidarity on the poorest, we also indirectly benefit sectors that have some or a lot of savings capacity," Lopez Obrador said in his 45-minute speech.

Mexico has the world's fourth-largest Covid-19 death toll and the eighth-largest caseload.

As of Wednesday, the total number of cases in the country stood at 606,036 with 65,241 deaths.