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IMF and Kirchner: "economy to expand strongly 2010/11"

Source: MercoPress
10.06.2010

The International Monetary Fund warned of considerably high price index inflation and seemed sceptic of official GDP growth reports in Argentina as it presented its World Economic Outlook report, although it forecast a 7.5 percent growth, with a strong expansion partly due to the favourable global scenery and a strong trade with Brazil.

The organization's report presents a 0.9% growth for last year, a 7.5% growth during 2010 and predicts a 4% for 2011.

Regarding inflation the document points at a 6.3% increase in 2009 and 10.6% for 2010 and 2011.

It warns, however, that according to private analysts, the consumer price index inflation has been considerably higher, and adds that they also believe the real GDP growth has been significantly lower than the official reports since the last quarter of 2008.

In Buenos Aires Argentine Economic Policy Secretary Roberto Feletti was optimistic about the Argentine economy in the coming fifteen months and assured that “the good performance will continue in 2011, for Argentina's macroeconomics has proved to be consistent and international-volatility-resistant.”

The Deputy Economy Minister also spoke about “advances in the car and metal industries as well as the exports field, which is expected to grow.” According to Feletti's view, “good economic conditions are to continue next year”.

Meanwhile the Argentine Automakers Association, ADEFA reported that domestic car production registered a 37.8% increased in September year-on-year and climbed 3.3% compared to the previous month.

Exports zoomed 17.7% compared to August, and 37.1% year-on-year. The sector accumulated a 49.7% increase during the first nine months of 2010 compared to the volume reported in the same period in 2009.

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