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Recession Feared in Argentina as Cracks in Economy Grow

  • Economic data start to show losses from drought and peso rout
  • It would be the 2nd recession since Macri took office in 2015

Signs are mounting that Argentina is headed toward recession in the next few months, less than two years after emerging from the latest one.

A severe drought and currency crisis shook Latin America’s third-largest economy just as President Mauricio Macri sought to consolidate its incipient recovery. Economic activity fell 2.7 percent in April, the largest monthly decline since Macri took office in December 2015. Growth also declined on an annual basis for the first time in 14 months, the nation’s statistics agency reported Tuesday.