Economy

After three years of recession, Argentina will grow at least 7% in 2021, says its Economy Minister

Estimate is above the official projection contained in this year's budget law

Argentine Minister of Economy, Martín Guzmán
Argentine Minister of Economy, Martín Guzmán. Photo: REUTERS / Agustin Marcarian
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  • The third-largest economy in Latin America recorded a 10% contraction in 2020 due to uncertainties surrounding the government’s economic policies of President Alberto Fernández, who took office at the end of 2019;
  • He announced a series of protectionist measures last year to supposedly prevent the worsening of the COVID-19 pandemic.

Argentina‘s economy will grow by at least 7% this year, the country’s economy minister, Martín Guzmán, said on Tuesday, after three years of an economic recession that was exacerbated in 2020 by the COVID-19 pandemic.

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“We expect a 7% growth in Gross Domestic Product for 2021, we establish that as a basis, and, along with that, we begin to see a recovery in employment and a strengthening of public accounts,” said Guzmán in a videoconference with foreign investment funds.

READ ALSO: Latin America’s public debt reached 79% of the region’s GDP in 2020

The third-largest economy in Latin America recorded a 10% contraction in 2020 due to uncertainties surrounding the government’s economic policies of President Alberto Fernández, who took office at the end of 2019, and the closure of the economy to prevent the worsening of the pandemic.

The new official estimate of GDP is higher than the 5.5% provided in the Argentine budget law.

Translated by LABS

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