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Friday, January 8, 2021

Argentinean Economy Will Shrink 11.6 Percent This Year

Argentina’s central bank published a survey of economists and analysts on Friday morning, revealing that the country’s economy is set to contract by 11.6 percent this year, representing a slightly improved outlook than a previous estimate of an 11.8 percent drop.

Argentina’s central bank published a survey of economists and analysts on Friday morning, revealing that the country’s economy is set to contract by 11.6 percent this year, representing a slightly improved outlook than a previous estimate of an 11.8 percent drop.

The poll showed that the bank’s monthly Market Expectations Survey predicts inflation at 35.8 percent at the end of the year. 

The poll also revealed that prices are expected to jump 3.2 percent in October.

“Participants forecast a slowdown in activity growth for the fourth quarter of this year and for the first quarter of 2021 which indicates that the period of greatest impact of the pandemic was concentrated in the first two quarters of 2020,” the poll said.

The economists polled explained that the average nominal exchange rate in Argentina would reach 84 pesos per dollar in December 2020 and 125 pesos per dollar in December 2021.

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