In November, inflation in Argentina was at its slowest level, 4.9% since February. But it also registers more figures to get closer to 100%. So, can Argentine maintain this economic growth until the end of the year?

Annual Consumer Inflation in Argentina jumped a record 92.4% in November 2022. According to data released by the National Statistics Agency, this figure threatens Argentina's economic stability. Because in year-on-year sales, consumer prices had risen 61.8%.

Meanwhile, on the monthly figure, the market expectation also came lower than 5.9%, which rose 6.3% in October. Argentina's central bank said it would continue to increase its benchmark rate by whopping 550 basis points to 75%, which aims to fight inflation.

This country in South America previously experienced its most fatal economic period until the end of 2022. For this period, the Central Bank is expected to continue to be active to overcome its market index. However, the Central Bank instead focuses on other sectors.

The Economist Says that Argentina Urgently Needs to Battle Inflation and Start with the Employment Rate

Many economists say that the Argentine government should initiate tighter control of the country's economy. It was even stated that there should be double challenges of controlling inflation and restoring people's income affected by over four years of recession.

Argentinian economists also said that the economy must be accelerated immediately to prevent another foreign currency shortage so that it is difficult to achieve economic recovery. The focus that Argentines have to give is the majority of currency and encourage hikes.

Ricardo Aronskind, a professor at the University of Buenos Aires, also told Xinhua: "The economy grew special in the first part of the year. In the last stretch of the year, the economy is slowing down. But the general picture is for economic growth and also recovery,"

The economist also said that the first task of the Argentine Central Bank is to lower the inflation level because this tends to reduce actual salaries. Furthermore, the central bank must restore the popularity of incomes that have been highly damaged.

It has lasted for around three years. The complicated situation of international reserves requires substantial public policy. That will help the package of measures, while Argentina and China will build the productive potential of cooperation

What’s the focus here is in infrastructure and technological development. The cooperation and collaboration between China and Argentina have great potential for success. The role of China is a very prominent one. 

On the other hand, economists from Argentina also said that China would benefit from this collaboration. Meanwhile, inflation has rocketed toward 100%, and one of the main reasons is the unemployment rate .

Unemployment rate, which has increased for the first time since the pandemic. Economic activity in this country also fell by 0.3% compared to Q3, so the growth momentum is seen as lower.

Argentina's Central Bank Is Even Busy To Put Messi's Face Banknote To Argentine Pesos

While this South America's second-largest economy is experiencing economic difficulties and the central bank is under enormous demand, the compounds of the central bank are not fully widened. There is even talk that the central bank wants to produce a new nominal currency.

It was stated that Messi would become a new face in the Argentine currency and would be placed in Argentine Pesos totaling 1,000. The key reason is that Messi's jersey number in the Argentina team is 10, and he is the one who managed to bring the World Cup trophy.

The economic crisis is now hitting Argentina, and this is a condition that cannot be allowed to continue. It was stated that economic transformation had to be carried out by the central bank following inflation which almost touched 100%.