President Fernández says Argentina’s economy will grow 7% in 2021 and 4.5% in 2022

RIO DE JANEIRO, BRAZIL – Argentina’s economy is expected to grow 7% this year, and 4.5% in 2022, the country’s president Alberto Fernandez said Friday (6), predicting recovery after three years of a recession that was intensified in 2020 by the Covid-19 pandemic.

Latin America’s third-largest economy was forecast to contract 9.9 percent in 2020 after falling 2 percent in 2019 and 2.6 percent in 2018.

“We are on the path of economic recovery. Argentina is growing, recovering jobs and will recover income,” he said in a televised speech.

Argentina’s gross domestic product (GDP) grew 2.5% in the first quarter of this year compared to the same period in 2020, beating analysts’ forecasts.

The jump came after a 4.3% contraction in the fourth quarter of last year and a record 19% drop in the second quarter of 2020 when Argentina was at the height of the impact caused by the pandemic.