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LatinNews Daily - 15 October 2019
In brief: Argentina’s economy to get worse before better, warns WB
* The World Bank (WB) has released its semi-annual Report of the Latin America and Caribbean (LAC) Region, on behalf of Martín Rama, World Bank Chief Economist for LAC and the Macroeconomics, Trade and Investment Global Practice (MTI). The report reveals that LAC, excluding Venezuela, has entered a new phase of lacklustre economic performance, forecasting growth of 0.8% in 2019 and 1.8% in 2020. The report indicates that Argentina’s recession will worsen before the economy starts to recover. According to WB statistics, the country ended 2018 with an economic contraction of 2.5%. It attributes Argentina’s weak performance to disappointing export growth, high US dollar-denominated debt, and that the country has moved “quite dramatically in the direction of fiscal and especially monetary tightening”.
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- In brief: Argentina’s economy to get worse before better, warns WB