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29 Apr 2016, Annie Tsoneva, EMIS Editor

IMF expects Argentina’s 2016 GDP to shrink 1%

The International Monetary Fond (IMF) expects that Argentina’s gross domestic product (GDP) will shrink some 1.0% this year, International News reported.

“Economic activity has slowed in recent months, and although the suspension of publication of some key official statistics makes forecasts particularly uncertain, GDP growth is expected to contract by about 1 percent in 2016," the IMF said.

The global lender hailed the changes of the country’s new pro-market oriented administration as the new government has initiated an “ambitious” transition designed to lift macroeconomic imbalances which had hampered investments and diminished competitiveness.

The GDP growth is expected to recover to some 2.75% next year.

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