Challenges ahead for Argentinean economy

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A leading authority on the Argentinean economy has suggested that major economic challenges are likely to be ahead in 2012.

Orlando Ferreres, the former Vice Minister of Economy in the South American country, outlined the way he sees the New Year developing under the recently installed administration.

“The main challenge for 2012 is to increase the prices of utilities without causing an acceleration of inflation or recession. In this context, it is expected that GDP growth will slow.”

In contrast to the apparently fragile nature of the Argentinean economy, things look decidedly upbeat for one of its closest counterparts, Chile.

A new report suggests that Chile’s unemployment rate eased slightly in the period between September and November this year, while industrial output also rose by more than expected during the same period.

The positive reports have raised hopes that a planned interest rate cut by the Chilean Central Bank next month may now be delayed.

There was further good news with reports that the Gross Domestic Product (GDP) has expanded. The Chilean Central Bank issued an official statement on the national economy, saying that “GDP was boosted by all economic sectors, save mining, which showed a contradiction.”

Overall output from the fisheries sector increased as well, by 59.4% compared to the same period in 2010.

That particular industry is itself continuing to recover from a recent slump after a devastating virus caused problems for fish farms throughout the country.

Transfer Money to Argentina

If you are looking to invest in Argentina, think carefully about how you will be transferring money to Argentina. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking for the best way to send money abroad, be sure to compare the market before you buy your overseas currency.

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