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Argentina’s Economy Enters Crisis Mode Ahead of Presidential Elections

Argentina’s economy is expected to plunge deeper into its financial crisis as citizens gear up to head to the polls for the country’s presidential election in October, a poll from Reuters showed.

Median estimates from 32 economists polled April 10-19 showed that the Argentinian economy is expected to contract by 2.3% this year; the worst performance among the Group of 20 members. Consumer prices across the South American nation are expected to skyrocket by 100%.

“The situation is very complicated but if the government collaborates with the likely winners of the [presidential] primaries, the economy will undergo an orderly transition,” Andres Borenstein, an economist at Econviews consultancy, commented. “However, the transition will be difficult if the government, which is weak and unable to implement any stabilization plans, does not collaborate following the primaries.”

Argentina received a small break from the International Monetary Fund earlier this month, which eased the South American nation’s targets in its $44 billion loan deal.

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