The country’s GDP will record a 3% retraction in 2019, only surpassed by Venezuela, which will face a collapse of 25.5%, and Nicaragua, which will have a decrease of just over 5%, according to the latest projection of the Economic Commission for Latin America and the Caribbean (ECLAC). Together with the Bahamas, they will form the group of countries in recession on the continent next year.
On December 10, Alberto Fernández takes the helm of a country facing its worst stock market rout in decades, 55% inflation, a deep economic recession, rising poverty and a plunging currency. Argentina is staring down the barrel of $100 billion in foreign debt, including a record $57 billion loan from the IMF. The country is now running out of money.