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WASHINGTON.- The World Bank predicts that the Argentine economy will fall by 1.3% this year. In this regard, he warned that the adjustment agreed with the International Monetary Fund (
MFIs
) "is charging a high price in terms of activity" and its accomplishment will be put to the test during the campaign for the presidential election of next October.
The World Bank has presented its projections for Latin America and Argentina a few days before the start of the annual meeting of the agency and the Fund, to be held next week in Washington.
The agency expects a 0.9% expansion in Latin America and the Caribbean, expansion that "shows no significant improvement over 2018, due to weak growth or the three largest economies in the region, Brazil, Mexico and Argentina. "
Here are the main observations concerning Argentina:
- "Argentina, which begins the year 2019 is plunged into a serious recession and should see its GDP decline by 1.3% this year, after a contraction of 2.5% in 2018."
- For 2020, the entity expects growth to accelerate to 2.9%.
- "Despite the unprecedented support of the International Monetary Fund (IMF), which resulted in a revised package of $ 57.1 billion in October 2018, and the success of the Central Bank in stabilizing the peso earlier this year, the fiscal adjustment necessary to comply with the IMF program weighs heavily on economic activity and the peso has once again suffered a setback. "
- "The Argentine government is firmly committed to complying with the fiscal adjustment agreed with the IMF, despite the fact that the presidential elections in October will test their determination."
- The average gap for Latin American and Caribbean countries is 310 basis points, "about double that of Asian countries". The entity said that "it should not be surprising that the two highest gaps are those of Argentina and Ecuador. (Both countries currently have programs of the IMF) ".
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