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Argentina experiences 1st financial contraction in almost 3 years
Argentina’s economy contracted by four.9% in the second quarter of 2023 compared to the very same period final year, according to the country’s statistics agency. This figure slightly missed analysts’ forecast of a four.eight% contraction and represents the 1st break in development that the nation has seasoned in years. The agricultural sector was hit the hardest, with a important 40.two% reduce compared to the prior year. This decline comes as Argentina tries to salvage a $44 billion deal with the International Monetary Fund (IMF) amidst ongoing difficulties such as the devaluation of the peso, damaging central bank reserves, and the effect of drought on the farming market. The country’s financial challenges continue to pose important obstacles to its recovery and stability.
