Weekly Report - 24 November 2022 (WR-22-47)

ARGENTINA: Navigating through a storm

Trapped in a sandstorm, the horizon has clouded over. This was the headline in the national daily La Nación that accompanied the defeat suffered by the Argentine national football team to Saudi Arabia in the Fifa World Cup in Qatar on 22 November. In a different context it could also apply to Argentina’s economic and financial situation after years of turbulence from which there is no clear way out. To compound the government’s difficulties, according to a report it handed to the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the G20 summit in Bali, Indonesia, last week, the adverse global economic environment since Russia’s invasion of Ukraine has cost Argentina an estimated US$4.94bn.

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