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Argentina expects its economic recovery in 2021 – Latest News, Breaking News, Top News Headlines

Unemployment in Argentina drops to 11.7%

Argentina expects an economic rebound for the new year after the unprecedented collapse of 2020, although the degree of recovery will depend on the evolution of the covid-19 pandemic, while private consultants foresee a new acceleration in inflation.

The second largest economy in South America closes 2020 with a collapse in its gross domestic product (GDP) of close to 11%, according to private projections that, if fulfilled, will confirm that this has been the year with the worst economic performance of that time constancy in the statistical records of Argentina.

The collapse, which has deepened a recession that began in 2018, is explained by the almost total paralysis that many sectors suffered for several months as a result of the confinement measures imposed at the end of March to face the pandemic, a blow that found the already very weakened domestic economy, with high inflation, fiscal problems, heavy external indebtedness and recurrent exchange rate tensions.

While the Executive expects an improvement of 5.5%, the experts consulted month by month by the Argentine Central Bank for its expectations report predict that the economy of the South American country will recover 4.8% in 2021.

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