Argentina's stats office data reveals recession is round the corner

Wednesday, July 25th 2018 - 05:36 UTC

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Argentina's economy shrank 5.8% in May versus the same month last year, government statistics agency Indec said on Tuesday, the second straight month of declines in a sign of looming recession and a possible GDP contraction in 2018. Read full article

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Enrique Massot
Since taking office in December 2015, president Mauricio Macri has been promising a transparent and accountable government. He also announced the end of chronic inflation, a reduction of unemployment and poverty, and ensured citizens that foreign investments would begin flocking to Argentina, fueling a cycle of continued growth. Macri also promised to fight relentlessly against corruption, of which he accused members of the previous government.

Two and a half years later and after acquiring a record amount of foreign debt, Macri has exhausted Argentina's ability to borrow, which has pushed his government to seek financing from the International Monetary Fund. The IMF's conditions for granting a U$S 50 billion standby loan are likely to throw the country into a deep recession, of which the first signs are beginning to appear.

Nonetheless, Macri said his government won't change its economic policies in place since he took office, as his way is “the only one.”

As they say, doing the same thing over and over again...
Jul 26th, 2018 - 12:26 am - Link - Report abuse 0
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