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Financial News: ARGENTINA: OECD Trims 2018 GDP Growth Forecast To

ARGENTINA: OECD Trims 2018 GDP Growth Forecast To 2.0%

05/30/2018 - 20:51:00 (RTTNews)

(RTTNews) - The Organisation for Economic Co-operation and Development (OECD) steeply downgraded its economic growth forecast for Argentina in 2018, to 2%, from 3.2% in December, arguing that the exchange rate has depreciated significantly amidst declining confidence and capital flight and that inflation has rebounded.

"This limits household real income growth and, together with weather-related declines in agricultural output, will dent growth in 2018," the group said in a report. For 2019, the OECD expects Argentina's activity to rise 2.6%.

According to the report, Argentina is trying to speed up the gradual reduction of the high fiscal deficit to restore confidence and recent structural reforms - tax and capital market reforms, a new competition law, improvements in administrative procedures and lower trade barriers - are welcome steps to strengthen inclusive growth.

"Further reforms to foster the integration into the global economy, enhance competition and improve access to quality education could build on this progress," the OECD added.

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