Miguel A. Kiguel, executive director of EconViews in Buenos Aires: “Once again, after more than two decades, inflation reached triple digits. It certainly did not come as a surprise, but it is still disturbing. It hurts the most vulnerable sectors and complicates overall economic management in an already complex situation characterized by a dismal level of reserves that covers less than a week of imports, a large gap between the official and parallel exchange rates and lack of access to domestic and international financial markets. A severe drought has complicated the situation. It is expected to reduce exports by more than 20 percent to around $70 billion and affects overall economic activity and the fiscal deficit, which is now forecast to reach 3.5 percent of GDP. The outlook for inflation is worrisome. In December, Minister Sergio Massa argued that inflation would fall to 3 percent per month by April or May—a target that is now…”
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Grupo Marhnos
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Head of Latin American Economics, Citi
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IESA
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