Argentina's inflation turned out to be the world's fourth-highest, according to the International Monetary Fund's (IMF) World Economic Outlook report released Tuesday in Washington.
The study does not include inflation forecasts in the case of Argentina, because of the ongoing negotiations, which may impact those figures significantly. For Argentina, the fiscal and inflation variables are excluded from the publication for 2021-26, as they are largely linked to the program negotiations still pending, said the report.
Nevertheless, Argentine Central Bank's latest Market Expectations Survey (REM) said 2021's outcome would be of 48.4% and those are the figures the IMF currently uses during talks with the AArgentine Government.
Venezuela (2,700%) tops the inflation list, followed by Sudan (115.5%) and Suriname (48.6%), with Yemen (45%) and Zimbabwe (41%) behind.
Average inflation in Latin America and the Caribbean area is 9.7% if Venezuela is left our of the equation.
IMF's projections for next year were said to come with considerable uncertainty, due to rising housing costs, the rise in food prices worldwide and currency depreciations in emerging markets. Food alone went up around 40% worldwide during the pandemic.
Nevertheless, the IMF did project a rising growth for Argentina's economy during in the near future - 7.5% for 2021 and 2.5% for 2022, better than July's estimations and above the regional and world average.
In July, the IMF forecast a 6.4 percent recovery for Argentina, which has now been updated in accordance with World Bank data released last week.
For Latin America, the IMF projects a 6.3 percent recovery, while globally the recovery will be 5.9.
The rise in prices of raw materials herald a rise in exports of trade and services by 1% in 2021, and 0.8% by 2022.
Globally, the aggregate production of the group of advanced economies is expected to regain its pre-pandemic trend path in 2022 and exceed it by 0.9 percent in 2024, the report also said.
By contrast, aggregate output for the emerging market and developing economies group (excluding China) will remain 5.5% below a pre-pandemic forecast for 2024, resulting in a further setback for improvements in their living standards.”
These divergences are a consequence of the 'large vaccine gap' and large disparities in policy support,” the Fund said.