ZCZC
BCN-01
ARGENTINA-ECONOMY-MARKET-STOCKS
BA stock exchange soars after Argentine economic measures
BUENOS AIRES, Dec 27, 2019 (BSS/AFP) – The Buenos Aires stock exchange rose
by almost six percent on Thursday as a package of economic reforms came into
effect in Argentina.
Some 118 companies saw their share price rise, with just 17 dropping as
more than 1.5 billion pesos ($25 million) were traded.
The new government of center-left President Alberto Fernandez on Monday
approved emergency economic measures aimed at boosting growth and sparking an
economy in recession.
The new law gives the Executive special powers for one year in matters
relating to the economy, finance, tax, administration, pensions, tariffs,
energy, health and social issues.
Argentina is suffering its worst economic crisis since 2001, sparked by a
currency collapse 18 months ago.
Poverty levels have risen to more than 40 percent in the country of 44
million.
Argentina owes $335 billion, just over 90 percent of its gross domestic
product.
Its economy is expected to shrink by 3.1 percent in 2019, inflation is
hovering around 55 percent and unemployment is rising to 10.5 percent.
Its currency has lost 38 percent this year, having already lost around 50
percent in 2018.
Fernandez’s plan involves tax hikes on foreign currency purchases,
agricultural exports and car sales.
BSS/AFP/HR/0900