
JP Morgan forecasts 5.5% growth in 2025 and recommends buying Argentine stocks.
JP Morgan has a positive outlook on the evolution of Argentine markets
In its most recent report, JP Morgan highlighted a highly optimistic stance on Argentine stocks, noting that the current correction represents an "attractive entry opportunity."
This optimism is based on economic growth projections, the drastic reduction of inflation, and the boost from free-market reforms driven by Javier Milei's government. Below, we present the most relevant points of this analysis.
Main economic projections according to JP Morgan
- GDP growth (2025): 5.5%
- Inflation (2025): 23%
- Fixed investment: A significant rebound is expected in 2025, joined by greater investor confidence.
- Domestic demand: From -9.6% in 2024 to a robust 8.1% in 2025.
- GDP (US$): Increases from 657 billion in 2024 to 767 billion in 2025.
- GDP per capita (US$): Grows from 13,969 in 2024 to 16,107 in 2025.
- Reference rate: From 100% in 2024, it is projected to drop to 29% in 2025, reflecting a stabilization outlook.
These figures show a remarkable recovery of the Argentine economy for 2025, which, according to JP Morgan, offers a favorable scenario for investment in equities and local bonds.

Key factors for 2025: end of currency controls and elections
- End of currency controls: The lifting of currency restrictions, promoted by Milei's government, is one of the central drivers explaining JP Morgan's bullish view. The end of the controls would contribute to greater foreign exchange inflows and the normalization of the capital market.
- Elections and political stability: The 2025 elections present a turning point. The continuity of a government committed to structural reforms and greater economic openness would generate a stable environment for growth and foreign investment.
- Reduction of inflation: The report highlights the possibility of effective monetary and fiscal adjustment that would bring inflation down from 118% in 2024 to 23% in 2025, providing significant relief to businesses and consumers.
Milei's reforms and their impact
Javier Milei's government has implemented a series of reforms based on market liberalization and fiscal discipline. According to JP Morgan, these measures are crucial to boosting investor confidence and fostering economic growth:
- Trade liberalization: The reduction of barriers and controls on foreign trade promotes competitiveness and attracts productive investment.
- Tax simplification: The proposal to eliminate distortionary taxes and simplify the fiscal structure facilitates business activity and encourages formalization.
- Central Bank independence: An autonomous Central Bank, focused on price stability, helps lower inflation expectations.
- Labor flexibility: The modernization of labor laws seeks to energize the labor market, promoting the creation of formal employment.
These initiatives aim to consolidate a favorable environment for economic development, which aligns with JP Morgan's positive view on the evolution of Argentine markets.

Investment opportunity and outlook
The combination of pro-market reforms, the end of currency restrictions, and the prospect of a marked inflation slowdown translate, according to JP Morgan, into a "unique investment scenario." The recent correction of Argentine assets offers a compelling entry window for investors betting on the medium and long term.
- Greater macroeconomic stability: Fiscal order and restrictive monetary policy would lay the foundation for sustainable growth.
- Revaluation of local stocks: Sectors such as energy, financial services, and agribusiness are poised to benefit the most from economic openness.
- Attraction of foreign capital: With an Argentina more integrated into international markets, a greater flow of capital is expected in search of competitive returns.
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