Additionally, it projected that inflation in 2024 will reach 210%, while the official exchange rate will close the year at $1,600.

Lastly, HSBC forecasted that GDP will decline by 2% in 2024, a setback primarily concentrated in the first half of the year.

For the international financial institution, President Javier Milei’s “reformist momentum” “got stuck in Congress and the Judiciary.”

For instance, it cited the legislative treatment of the Omnibus Law, which it described as “a significant defeat, even after stripping much of its content from the project.”

Now, HSBC has predicted that “a new stage is approaching” for the Government, characterized by the unification of the exchange market, continued accumulation of reserves, and normalization of import payments.