Argentina raises 2004 economic growth prediction

The Argentinian central bank on Thursday 22 July revised its forecast on the country's GDP growth rate for 2004 from 6 to 8 percent. The bank also predicted that the inflation rate will stand at 6.7 percent and the unemployment rate will drop from 14.5 percent at present to 12 percent by the year's end.

The bank based its prediction on the momentum of 2003, a sharp increase in the consumer confidence index in the first six months of this year and entrepreneurs' hopes that investment capital wi