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By Maximilian Heath
BUENOS AIRES (Reuters) – Argentina’s economy is expected to contract by 12% in 2020 due to the effects of the COVID-19 pandemic, a central bank survey of economists was shown friday, a more positive outlook than the previous month.
The forecast compares to the estimated 12.5% last month in an expert survey Friday through the Central Bank of Argentina (BCRA).
Economists saw the economy contract by 16.6% in the last quarter, below the 17% calculated in the past, while in the third quarter they saw it grow to 8.7%, compared to the expected 8% in the past.
“Growth forecasts for the remaining quarters of 2020 indicate that the effect of the coronavirus pandemic is perceived as transient,” the bank said of the survey.
As of Friday, Argentina had recorded forty-five1,198 cases of coronavirus and 9468 deaths.The largest economy at the time in South America has a population of approximately forty-five million.
Economists surveyed through the central bank saw inflation for 2020 at 37.8% and inflation in August at 2.7%.
They saw that the average nominal exchange rate in Argentina was successful at 84.3 pesos consistent with the dollar in December 2020 and 122 pesos in the same month of 2021.
The survey was conducted with consultants, study centres, monetary institutions and analysts between 27 and 31 August.
(Report via Maximilian Heath; written by Aislinn Laing; edited through Sandra Maler)