Argentina's economy recovers in step with global community

15:12, September 30, 2009      

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Argentina's economy was recovering from the global financial crisis in step with the international community, Augusto de la Torre, chief economist of the World Bank, said Tuesday.

"The worst time of the crisis has already passed, and the world economy will recover, at least in short terms, in mid 2010," de laTorre was quoted by local daily La Nacion as saying.

In August, Argentina's industrial production index rose 1.4 percent on the month, showing signs of recovery from the financial crisis.

Some countries such as China and Brazil had weathered the current financial crisis, and Latin American countries should avail themselves of this opportunity to strengthen relations with them, de la Torre said.

Argentina had abundant natural resources, which was an advantage over other countries in tackling the financial crisis, and would help Argentina rejoin the global financial market, he added.

Moreover, many Latin American countries had survived the crisis without too much damage to their economic systems, and had even become relatively attractive regions for investments, de la Torre observed.

But the region's future growth would depend not only on its domestic policies, but also on the recovery of the world economy, he concluded.

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