The Organization for Economic Co-operation and Development (OECD) further worsened the economic forecasts of Argentina, which will be the only country in the G20 in recession both this year and next.
In its Perspectives report published this Tuesday, the OECD estimates that the Argentine gross domestic product (GDP) It will fall by 2% in 2023, the largest decline by far among the G20 members, since only Germany will also see its production reduced (-0.2%). That is four tenths less than what was anticipated last June.
In 2024, Argentina will be the only one of the group of the 20 largest economies in the world that will continue going back, specifically 1.2%. The downward correction is much more radical there, 2.3 percentage points in just three months. The authors of the report have not made such a profound negative review for any of the countries analyzed.
Inflation: the OECD forecast
The figures from Argentina They are not only very bad when it comes to growth, OECD predicts that the phenomenon of super inflation It’s going to get much worse than anticipated. According to their projections, 72.4% of price increase in 2022 to 118.6% in 2023 (11.7 points more than expected in June) and to 121.3% in 2024 (33 points more).
These figures for the Argentine economy contrast enormously with the growth average that is expected among the G20 countries, which will be 3.1%, after a revision of three tenths upwards by the OECD. Besides, the world average for 2023 it is 3%, again three tenths above the previous estimate.
Argentina is next to Chili and Haiti (according to ECLAC data) one of the few Latin American economies who will experience a economic recession in 2023.