Thursday, July 21, 2016 IMF worsens outlook: local economy to shrink 1.5%IMF growth forecasts for the biggest countries of the region show Argentina performing better than Venezuela and Brazil but worse than Colombia and Peru. The fall in commodity prices has clearly affected the region’s prospects, and they are not expected to bounce back in the near term, Werner said. Overall, that means that growth forecasts for the region remain relatively stable when compared to estimations made early in 2016, rising by 0.1 percentage points. To counteract global instability, the IMF made a recommendation in line with Argentina’s Central Bank’s recent monetary reforms: keeping exchange rate flexibility. Argentina will experience a deeper economic contraction than initially expected this year, according to the International Monetary Fund’s latest report.

Source: Bueno Aires Herald July 21, 2016 03:11 UTC