Argentina Faces Skyrocketing Inflation and Economic Contraction

Argentina's economy is in crisis, with inflation expected to soar to 118.8% by November, according to a central bank survey. Analysts predict the GDP for 2024 will shrink by 3.0%, highlighting ongoing economic instability in the country.

Argentina's economic outlook appears grim as analysts have forecast annual inflation to reach a staggering 118.8% by November, according to a survey by the central bank released on Thursday.

This inflation surge is compounded by predictions that the country's gross domestic product will contract by 3.0% in 2024 compared to the previous year.

The forecasts underline the severe economic instability facing the South American nation amidst mounting financial challenges.

(With inputs from agencies.)