November 4, 2019 / 10:43 PM / 3 months ago

Argentine economists predict higher inflation in first post-election central bank poll

BUENOS AIRES (Reuters) - Argentine economists predicted a worsening recession and a slightly higher inflation forecast of just under 56% in a central bank monthly poll of analysts released on Monday, the first since the victory of leftist Peronist candidate Alberto Fernandez in the country’s presidential election.

Inflation was seen at 55.6% for the year, up from 54.9% in the same central bank poll last month. It will ease to 42.9% by 2020, slightly higher than the previous prediction, according to the survey of 45 analysts.

Gross domestic product was forecast to shrink 3.0% this year, the poll said, versus 2.9% in the previous month’s survey.

The prediction comes just over a week since the government imposed stricter currency controls to defend the peso currency following Fernandez’s defeat over business-friendly incumbent Mauricio Macri on Oct. 27.

Markets are watching closely for any signals from Fernandez on future economic policies or how he will approach negotiations for the restructuring of some $100 billion in sovereign debt.

Fernandez, while visiting Mexico on his first foreign trip as President-elect, said that Argentina’s debt in a problem that must be resolved.

Reporting by Jorge Otaola and Cassandra Garrison; Editing by Cynthia Osterman

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