The International Monetary Fund (IMF) has changed its forecast for Argentina’s economy and now estimates that GDP will shrink by 2.8 points in 2024 — a whopping 5.6 downward revision from its October forecast, when it expected the country’s economy to grow by 2.8 points. The IMF also calculated that the 2024 inflation rate will be around 150%, according to Chief Economist Pierre-Olivier Gourinchas. Gourinchas stated that the government is trying to reach a 2% fiscal surplus, or a five percentage point GDP adjustment, in 2024. On January 10, the IMF and Argentina reached a staff-level agreement that could mean access to US$4.7 billion. The following week, Economy Minister Luis Caputo met with Gita Gopinath, the lender’s first deputy managing director.

Source: Bueno Aires Herald January 31, 2024 12:52 UTC