Argentina will experience an inflation rate of 69.5% annually and an economic growth rate of 2.7% in 2024, according to the national government’s draft budget to the National Congress.
The draft presented by the Ministry of Economy, led by presidential candidate for the ruling Peronism, Sergio Massa, also indicated that the exchange rate will end next year at 607 units per dollar.
“The Gross Domestic Product (GDP) is projected to recover by 2.75% by 2024 after the fall in the level of activity in 2023.” “Likewise, GDP growth is expected to continue at a rate of 2.0% per year during the period 2025-2026,” the draft budget said.
“In 2024, GDP growth would be driven by the rebound in the agricultural sector, mainly due to the expected recovery in the soybean and corn harvest,” the draft budget added.
Latin America’s third-largest economy, which is in a delicate situation with high inflation, signs of contraction, and scarce reserves in the coffers of the Central Bank, will hold general elections to elect its next president in October.
By the end of 2023, according to the draft budget data, GDP will contract by 2.5%, inflation will reach 135.7%, and the exchange rate will close the year at 365.9 units per dollar.