Weekly Report - 27 June 2024 (WR-24-25)

ARGENTINA | Bleak economic data. Argentina’s GDP fell by 5.1% year-on-year in the first quarter of 2024, according to the national statistics institute (Indec), while contracting by 2.6% on the final quarter of 2023; unemployment rose to 7.7% in the first quarter, up by two percentage points on the final quarter of 2023, the highest rate since the third quarter of 2021. Political opponents quipped that in his efforts to bring down “hyper-inflation”, Milei was delivering “hyper-recession”.