Argentina expects to see a 2.8 percent economic growth in 2015, according to the budget proposal that the president’s team presented to Congress Monday. Economic growth “will be driven by growth in foreign demand and dynamism in the domestic market‘,” state news agency Telam reported, citing Economy Minister Axel Kicillof and Cabinet Chief Jorge Capitanich. The budget also foresees an average Argentine peso-dollar exchange rate of 9.45 pesos to one U.S. dollar, compared to the present rate of 8.52, and inflation of 15.6 percent for the year. The proposed budget is to be reviewed by various legislative committees starting Sept. 23. The government of President Cristina Fernandez similarly downgraded this year’s projected economic growth to 0.5 percent, far from the 6.2 percent forecast in the 2014 budget. “We expect to end the year with positive growth of half a point, which means the state should apply countercyclical policies to sustain and promote domestic demand,” said Kicillof. “Next year is going to be better both for us and for our trade partners,” Kicillof said, adding that it was necessary “to have the capacity to act when faced with a highly volatile external reality.” It is the state’s duty to “drive demand, domestic consumption and industry, which requires that we go out and help them,” said the minister. /.
Posted on: Thu, 18 Sep 2014 19:28:50 +0000
Trending Topics
Recently Viewed Topics
© 2015