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IIF sees 2014 inflation in Venezuela and Argentina reaching 60% and 30%

Bnamericas Published: Friday, December 20, 2013

The Institute of International Finance (IIF) expects inflation in Venezuela and Argentina to reach 60% and 30% respectively next year, according to a report from the IIF.

IIF forecasts that annual inflation in Venezuela will "edge toward 60%" in early 2014 and hit 30% in Argentina at some point during the year.

The two countries have the highest inflation in Latin America and Venezuela has among the most elevated inflation rates in the world.

IIF said that limited measures to deal with macroeconomic imbalances in both Argentina and Venezuela "are bound to fail without meaningful fiscal and monetary tightening, while major currency depreciation seems unavoidable as draconian foreign exchange controls hinder economic activity.​"

In terms of economic performance, IIF forecasts that growth will slow down in both countries next year. In the case of Venezuela it sees GDP growth slowing to 0.6% from an estimated 1.2% this year and in Argentina, to 1.5% from 1.9%.

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