The World Bank (WB) predicted this Friday that the economy of Argentina, which had "one of the longest quarantines in the world", will fall to 12.3% this year, the most pronounced drop in South America. The GDP will recover to 5.5% in 2021 and 1.9% in 2022.
In the year 2019, 24,000 tons exported and in 2020 and part of 2021 an export of 49,000 tons is expected. Between October 2019 and March 2020, exports were close to $220 million. The operation involves refrigeration plants in several provinces. Ninety-eight rabbis and auxiliaries arrived to certify the process of kosher meat slaughter in about seven national refrigeration plants, and between the end of October and the beginning of November between 120 and 140 more would arrive.
Yesterday, the debt swap for $279.8 million of Banco Hipotecario, the first company to carry out a restructuring since the Central Bank restricted the sale of foreign currency to only 40% of the capital owed, was completed. The institution will use its savings to face the $204.08 million it has to pay. Of the total to be paid, $56 million deposited in the country and the rest is abroad, so there will be a drop in the Central Bank's gross reserves.
The Rosario Stock Exchange projects that in the centre and south of Santa Fe some 70 thousand hectares of wheat would lose, in the north of Buenos Aires the losses could reach 25 thousand hectares, and in the west of Cordoba some 35 thousand hectares would lose. In total there are 130 thousand hectares, four times more than in an average year, the estimated loss of area due to lack of water and frost.
According to a new qualitative survey conducted by INDEC in the context of the Covid-19 pandemic, 54.1% of the manufacturing industry operated with normality in August, with a slight improvement compared to 51% in July. The sector that presented the best indicators was food, beverages and tobacco. On the contrary, the industry with the highest rate of inactivity was textiles, clothing, leather and footwear.