BUENOS AIRES (Reuters) – Argentina’s economic downturn- and debt-wracked economy was ill gotten ready for the closed borders and long-distance travel restriction prompted by the coronavirus pandemic, which has slammed services like that of regional hotelier Patricia Durán.
Individuals walk past the door of a pizza shop as TV announces 97 validated cases of the coronavirus disease (COVID-19), in Buenos Aires, Argentina March 18,2020 REUTERS/Agustin Marcarian
Bookings have dried up for the owner of 2 hotels in the northern province of Misiones, home to South America’s famous Iguazu Falls.
” This is like an Egyptian afflict,” stated Durán, president of the tourism chamber in the province. “We went from an occupation of 70-80%to zero, the hotels are empty – traveler activity has passed away.”
While the pandemic has hit the whole global economy, Argentina was particularly susceptible: the country is battling to restructure over $110 billion of overseas debt with financial institutions and the IMF and states it can just pay when development restores.
Financial experts are decreasing forecasts for Argentina’s economy, which was currently braced to shrink for a 3rd straight year. Credit Suisse now sees a 2.6%contracti