This Tuesday the International Monetary Fund (IMF) issued a report in which it raises growth projections for Argentina to 4% in 2022, one percentage point more than forecast last January. They were announced during the presentation of the World Economic Outlook and were led by Pierre-Olivier Gourinchas, the new chief economist of the IMF, from the University of Berkeley, who succeeded Gita Gopinath in the post.

Regarding inflation estimates, the Fund projected for 2022 a number that is the top of the indicative goals in the agreement with the IMF approved at the end of March (48%); however, the head of the Fund, Kristalina Georgieva, anticipated that it is one of the issues that will have to be “recalibrated” after the evidence of inflationary pressure in the country and the international crisis that deepened the war.

They also considered that in Argentina the current account of goods and services will have a surplus of US$500 million, while the unemployment rate will be around 9.2% also by 2022.

In the rest of the globe, “This report projects global growth of 3.6% in 2022 and 2023: 0.8 and 0.2 percentage points lower than in the January forecast, respectively. The downgrade largely reflects the impacts direct effects of the war in Russia and Ukraine and the global side effects,” Gourinchas said during the press conference. According to the Fund’s chief economist, “global economic prospects have been seriously affected, largely due to the invasion of Ukraine.”

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