February 4, 2023

Lakeview Gazette

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Argentina will end up with the fourth highest inflation in the world in 2022, behind Venezuela, Zimbabwe and Lebanon.

Presidents of Lebanon (Michael Aoun), Zimbabwe (Emmerson Mnangagwa), Venezuela (Nicolas Maduro) and Argentina (Alberto Fernandez)

In 2022 Argentina recorded the fourth highest inflation in the world after Venezuela, Zimbabwe and Lebanon.

The National Institute of Statistics and Census (Indec)’s December data on consumer price index confirmed that it rose by 5.1% on the month and 94.8% on the year, confirming the country’s woeful occupation. A privileged location in countries with high inflation.

According to the independent measurement of the Venezuelan Financial Observatory (OVF), the first place, comfortably, is occupied by Venezuela at 305%, which, due to the acceleration of the rate of devaluation of the bolivar, warned that the economy could return to another level. Hyperinflation process. For its part, the Central Bank of Govt Nicolás Maduro It has yet to release inflation for the last two months of 2022.

Global Inflation in Selected Countries 2022 Infographic by Marcelo Regalado
Global Inflation in Selected Countries 2022 Infographic by Marcelo Regalado

In second place is Zimbabwe at 244%, after two election years: 558% in 2020 and 98% in 2021. This year, the IMF predicts that the African country will grow by 203 percent.

Third place corresponds to Lebanon with 142%, with data accumulated up to November; Inflation in the Middle Eastern country was 189% in the first 11 months of last year and was 3.7% in November. The economy collapsed with default in 2019 and accumulated a 58% recession between that year and 2021; According to the World Bank, a decline of 5.4% is expected in 2022.

Therefore, the fourth place went to Argentina with 94.8%, compared to the 33% calculated by the government at the beginning of the year, its highest achievement since the beginning of the transition.

Turkey remained in place with 64%, despite overtaking Argentina in 2021.

In Latin America, Venezuela is first, Argentina second, Colombia 13.1%, Chile fourth 12.8%, Peru fifth 8.4%, Paraguay sixth 8.2%, Uruguay seventh 8.1%, Mexico eighth 7.8%, Brazil ninth 5.7% and, finally, Bolivia and Ecuador. 3.1 percent in 2022.

Among the most developed countries meeting in the G-7, in 2022 Italy 11.6%, Germany 8.7%, the United States 6.5% France 5.9% and Japan 4%, the lowest in the group but the highest for that country in the last four decades. As data for December is not yet available, it is important to note that Great Britain’s year-on-year inflation was 10.7% through November, while Canada’s was 6.8%.

Meloni's Italy sees inflation of 11% in 2022 Reuters
Meloni’s Italy sees inflation of 11% in 2022 Reuters

The Eurozone closed with inflation at 9.2% as fuel prices fell ten months after Russia’s invasion of Ukraine; In particular, Eastern European countries once again showed the highest increase Hungary with 22.5%, followed by Estonia 17.6% and Bulgaria 16.9%, Belgium 10.4%, Netherlands 9.6%, Spain 5.8%, Denmark 8.7%, Norway 5.9% and Switzerland 2.8%.

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Countries with external or internal armed conflicts have exhibited lower inflation rates than Argentina: Syria, mired in humanitarian tragedy, has shown inflation at 55%, Ethiopia at 35%, Ukraine at 26% and Myanmar at 19%, among others.

In Africa, Nigeria reached 21% last year, Ghana 16%, Uganda 10%, Kenya 9% and Morocco 8.4%, while in Asia Pakistan reached 24%, on the other hand, Korea reached 3 percent.

The World Bank’s World Economic Outlook report released this week indicated that “global economic growth is slowing sharply due to high inflation, low interest rates, reduced investment and disruptions caused by Russia’s aggression in Ukraine.”

“Amid weak economic conditions, any new adverse events such as expected inflation, sudden interest rate hikes to contain it, a resurgence of the Covid-19 pandemic, or rising geopolitical tensions could push the global economy towards a recession. This is the first time two global recessions have occurred in the same decade in more than 80 years. “For the first time. The global economy is expected to grow by 1.7% in 2023 and 2.7% in 2024,” the lead agency pointed out. David Malpass.

In the case of Argentina, it also pointed out that both high inflation and price and capital controls are strong barriers to the country’s economic growth.

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