Argentina's economy shrank 0.9% YoY in April after the country's agricultural sector was hit by drought, according to government data. Picture taken February 28, 2018. The country is also struggling with a severe economic slowdown and high inflation that has pushed up food prices for consumers. The Argentine central bank also held its policy rate at 40% in its first decision since a leadership change. Economists have cut Argentina's growth forecasts because of the drought and a run on the peso that triggered a financial crisis, prompting it to ask the International Monetary Fund for financing.
Argentina's economy shrank 0.9% YoY in April after the country's agricultural sector was hit by drought, according to government data. The country is also struggling with a severe economic slowdown and high inflation that has pushed up food prices for consumers. The Argentine central bank also held its policy rate at 40% in its first decision since a leadership change. Economists have cut Argentina's growth forecasts because of the drought and a run on the peso that triggered a financial crisis, prompting it to ask the International Monetary Fund for financing.