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Argentina's Economy to contract by 6% this year, says Moody

International rating agency forecasts 6% contraction in GDP due to the impact of the coronavirus pandemic. Previously, it had projected a 2.4% drop in activity.

Moody’s Investors Service has predicted that Argentina’s economy will contract by six per cent in 2020, as a result of the coronavirus pandemic and the accompanying shutdown in economic activity.

In a previous report, Moody’s had forecast a 2.4 per cent slump in GDP this year.

The figure is deeper than most forecasts. According to an estimate from the World Bank, economic activity will suffer a 5.2 per cent fall this year. The International Monetary Fund (IMF) anticipates a contraction of 5.7 per cent. 

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