{"id":11557,"date":"2026-02-20T20:21:03","date_gmt":"2026-02-20T23:21:03","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11557"},"modified":"2026-02-20T20:21:04","modified_gmt":"2026-02-20T23:21:04","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c02%ec%9b%94-20%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11557","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(02\uc6d4 20\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \ud558\uc6d0, \ub178\ub3d9\uac1c\ud601\uc548 \uc2b9\uc778
    \uc815\uce58\uc801\uc73c\ub85c \ub9e4\uc6b0 \uae34\uc7a5\ub41c \ud68c\uc758\uac00 \uc9c4\ud589\ub418\ub294 \uac00\uc6b4\ub370, \ub3d9\uc2dc\uc5d0 \ub192\uc740 \ucc38\uc5ec\uc728\uc758 \ucd1d\ud30c\uc5c5\uc774 \uc774\ub8e8\uc5b4\uc9c4 \uc0c1\ud669\uc5d0\uc11c, \uc815\ubd80\ub294 \ud558\uc6d0\uc5d0\uc11c \ub178\ub3d9\uac1c\ud601 \ubc95\uc548\uc744 \ucc2c\uc131 135\ud45c, \ubc18\ub300 115\ud45c\ub85c \ud1b5\uacfc\uc2dc\ud0a4\ub294 \ub370 \uc131\uacf5\ud588\ub2e4. \ud574\ub2f9 \ubc95\uc548\uc740 \ub17c\ub780\uc774 \ub418\uc5c8\ub358 \ubcd1\uac00 \uad00\ub828 \uc870\ud56d\uc744 \uc0ad\uc81c\ud55c \ud6c4 \uc0c1\uc6d0\uc73c\ub85c \ub118\uc5b4\uac00\uac8c \ub41c\ub2e4.
    \uc5ec\ub2f9\uc740 \uc624\ub294 2\uc6d4 27\uc77c \ubc95\uc548\uc744 \ucd5c\uc885 \ubc95\ub960\ub85c \uc804\ud658\ud558\uae30\ub97c \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\ub2e4. \uad6d\uc81c\ud1b5\ud654\uae30\uae08(IMF)\uc740 \ub300\ubcc0\uc778 \uc904\ub9ac \ucf54\uc791(Julie Kozack)\uc744 \ud1b5\ud574 \uba85\ud655\ud55c \uc9c0\uc9c0\ub97c \ud45c\uba85\ud588\uc73c\uba70, \uc774\ubc88 \uad6c\uc870\uc801 \uac1c\ud601\uc744 \ube44\uacf5\uc2dd \uacbd\uc81c\ub97c \uc904\uc774\uace0 \uace0\uc6a9\uc744 \ucd09\uc9c4\ud558\uae30 \uc704\ud55c \ud575\uc2ec \ub3c4\uad6c\ub85c \ud3c9\uac00\ud588\ub2e4. \ub610\ud55c \ubb34\uc5ed \uac1c\ubc29 \uc815\ucc45\uacfc \uc911\uc559\uc740\ud589 \uc678\ud658\ubcf4\uc720\uc561\uc758 \uc9c0\uc18d\uc801\uc778 \ucd95\uc801 \uc815\ucc45\uc744 \uae0d\uc815\uc801\uc73c\ub85c \uc5b8\uae09\ud588\ub2e4.
    \uc774\ubc88 \uc785\ubc95 \uc9c4\uc804\uc740 \uc758\ud68c \ub0b4 \uac08\ub4f1\uacfc \uc8fc\uc694 \ub3c4\uc2dc \ub300\uc911\uad50\ud1b5\uc758 \uc911\ub2e8\uc774\ub77c\ub294 \uc0c1\ud669 \uc18d\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc84c\uc73c\uba70, \ub3d9\uc2dc\uc5d0 IMF\ub294 \uc544\ub974\ud5e8\ud2f0\ub098\uac00 \ubbf8\uad6d \ubc0f \uc720\ub7fd\uc5f0\ud569\uacfc \ucd5c\uadfc \uccb4\uacb0\ud55c \uad6d\uc81c \ud611\uc815\ub4e4\ub3c4 \uae0d\uc815\uc801\uc73c\ub85c \ud3c9\uac00\ud558\uba74\uc11c \ucd5c\uc885 \ube44\uc900\uc744 \uae30\ub300\ud558\uace0 \uc788\ub2e4\uace0 \ubc1d\ud614\ub2e4.<\/li>\n\n\n\n
  2. \ubb34\uc5ed\uc218\uc9c0 \ud751\uc790
    \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \ubb34\uc5ed\uc218\uc9c0\ub294 \uc62c\ud574\ub97c \ub9e4\uc6b0 \uae0d\uc815\uc801\uc778 \ud750\ub984\uc73c\ub85c \uc2dc\uc791\ud588\ub2e4. 19\uc5b5 8,700\ub9cc \ub2ec\ub7ec\uc758 \ud751\uc790\ub97c \uae30\ub85d\ud588\uc73c\uba70, \uc774\ub294 26\uac1c\uc6d4 \uc5f0\uc18d \ud751\uc790\ub2e4.
    \uc774\ub7ec\ud55c \uacb0\uacfc\ub294 \uc218\ucd9c\uc758 \uacac\uace0\ud55c \uc99d\uac00\uc5d0 \uae30\ubc18\ud55c\ub2e4. \uc218\ucd9c\uc740 \uc804\ub144 \ub300\ube44 19.3% \uc99d\uac00\ud558\uc5ec 70\uc5b5 5,700\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\ub2e4. \uc8fc\ub85c \ubc00\uacfc \uacf5\uc0b0\ud488 \uc81c\uc870\uc5c5\uc774 \uc774\ub97c \uacac\uc778\ud588\ub2e4.
    \ubc18\uba74, \uc218\uc785\uc740 \uc804\ub144 \ub300\ube44 11.9% \uac10\uc18c\ud588\uc73c\uba70, \uacc4\uc808 \uc870\uc815 \uae30\uc900\uc73c\ub85c 4\uac1c\uc6d4 \uc5f0\uc18d \uac10\uc18c\ud588\ub2e4. \uc218\uc785\uc561\uc740 50\uc5b5 7,000\ub9cc \ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
    \ud574\uc678\ub85c\uc758 \uc218\ucd9c \ubb3c\ub7c9\uc740 \ud310\ub9e4 \uc218\ub7c9\uc774 18.5% \uc99d\uac00\ud558\uba74\uc11c \ud0c4\ub825\uc744 \ubc1b\uc558\uc9c0\ub9cc, \uc911\uac04\uc7ac\uc640 \uc790\ubcf8\uc7ac \ubd80\ud488 \uc218\uc785\uc774 \uae09\uac10\ud588\ub2e4. \uc911\uad6d\uc740 \uc8fc\uc694 \ubb3c\ub958 \uacf5\uae09\uad6d\uc758 \uc9c0\uc704\ub97c \uc720\uc9c0\ud588\uc73c\uba70, \ube0c\ub77c\uc9c8\uacfc \ubbf8\uad6d\uc740 \uad6d\ub0b4 \uc0dd\uc0b0\uc744 \uc704\ud55c \ud575\uc2ec \uc218\ucd9c \ub300\uc0c1\uad6d\uc73c\ub85c \uacc4\uc18d \uc120\ub450\ub97c \ucc28\uc9c0\ud588\ub2e4.<\/li>\n\n\n\n
  3. \uc678\ud658\ubcf4\uc720\uc561 \uac10\uc18c\uc5d0\ub3c4 \ubd88\uad6c BCRA(\uc911\uc559\uc740\ud589), \uc21c\ub9e4\uc218 \uae30\uc870 \uc720\uc9c0
    \uc911\uc559\uc740\ud589(BCRA)\uc740 \uacf5\uc2dd \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c 32\uac70\ub798\uc77c \uc5f0\uc18d \uc21c\ub9e4\uc218\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\ub0a0 7,600\ub9cc \ub2ec\ub7ec\ub97c \ucd94\uac00 \ub9e4\uc218\ud558\uba70 2\uc6d4 \ub204\uc801 \ub9e4\uc218\uc561\uc744 10\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc73c\ub85c \ub04c\uc5b4\uc62c\ub838\ub2e4.
    \uadf8\ub7ec\ub098 \uc774\ub7ec\ud55c \uc6b4\uc601\uc0c1\uc758 \uc131\uacfc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ucd1d\uc678\ud658\ubcf4\uc720\uc561\uc740 450\uc5b5 \ub2ec\ub7ec \uc544\ub798\ub85c \ud558\ub77d\ud588\ub2e4. \uc774\ub294 \ubbf8\uc8fc\uac1c\ubc1c\uc740\ud589(CAF)\uc5d0 \ub300\ud55c \uc9c0\uae09\uacfc \uc678\ubd80 \uc790\uc0b0 \uac00\uaca9 \ubcc0\ub3d9\uc758 \ubd80\uc815\uc801 \uc601\ud5a5\uc774 \ubcf5\ud569\uc801\uc73c\ub85c \uc791\uc6a9\ud55c \uacb0\uacfc\ub2e4.
    \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ud1b5\ud654 \ub2f9\uad6d\uc740 \uc62c\ud574 \ub4e4\uc5b4 22\uc5b5 4,500\ub9cc \ub2ec\ub7ec\uc758 \uc21c\uc720\uc785\uc744 \uae30\ub85d\ud558\uba70 \uc678\ud658\uc2dc\uc7a5 \ub0b4 \uc21c\ud3ec\uc9c0\uc158\uc744 \uac15\ud654\ud558\uace0 \uc788\ub2e4. \ub2e4\ub9cc \uc7a5\ubd80\uc0c1 \uc678\ud658\ubcf4\uc720\uc561\uc740 \ud558\ub8e8 \ub3d9\uc548 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uac10\uc18c\ud558\uc5ec 449\uc5b5 1,300\ub9cc \ub2ec\ub7ec\ub85c \ub9c8\uac10\ud588\ub2e4.<\/li>\n\n\n\n
  4. \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0 \uac04 \uad34\ub9ac \uc18d \uba54\ub974\ubc1c(Merval) \uc9c0\uc218 \uae09\ubc18\ub4f1
    \uc5b4\uc81c S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 4\uac70\ub798\uc77c \uc5f0\uc18d \ud558\ub77d\uc138\ub97c \ub04a\uace0 4.3% \uae09\ub4f1\ud588\ub2e4. \uc774\ub294 \ud398\uc18c\ud654 \uae30\uc900\uacfc \ub2ec\ub7ec \uae30\uc900 \ubaa8\ub450\uc5d0\uc11c \uc62c\ud574 \ucd5c\uace0 \uc131\uacfc\ub2e4.
    \uc774 \ubc18\ub4f1\uc740 \uce74\ub2c8\ubc1c \uc5f0\ud734\ub85c \uc778\ud55c \ud734\uc7a5 \uc774\ud6c4 \uae30\uc220\uc801 \uc870\uc815 \uacfc\uc815\uc73c\ub85c \ud574\uc11d\ub418\uba70, \uc6d4\uac00\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uc774 \ucd5c\ub300 8% \uc0c1\uc2b9\ud558\ub294 \ub4f1 \uac15\ud55c \ud750\ub984\uc744 \ubcf4\uc600\ub2e4.
    \uadf8\ub7ec\ub098 \uc8fc\uc2dd\uc2dc\uc7a5 \ub099\uad00\ub860\uc740 \ucc44\uad8c\uc2dc\uc7a5\uc73c\ub85c \ud655\uc0b0\ub418\uc9c0 \ubabb\ud588\ub2e4. \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 \ucd5c\ub300 1.3% \ud558\ub77d\ud588\uc73c\uba70, \ud2b9\ud788 Bonar 2041\uc774 \ud558\ub77d\uc744 \uc8fc\ub3c4\ud588\ub2e4. \uc774\uc5d0 \ub530\ub77c \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 1.7% \uc0c1\uc2b9\ud574 524bp\uc5d0 \ub3c4\ub2ec\ud588\ub2e4.
    \ubbf8\uad6d\uc5d0\uc11c\ub294 S&P500 \uc9c0\uc218\uac00 \uc911\ub3d9 \uc9c0\uc5ed\uc758 \uc9c0\uc815\ud559\uc801 \uae34\uc7a5\uacfc \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc758 \uc774\ub780\uc5d0 \ub300\ud55c \uad70\uc0ac\uc801 \uc870\uce58 \uac00\ub2a5\uc131 \ubc1c\uc5b8 \uc601\ud5a5\uc73c\ub85c 0.3% \ud558\ub77d\ud588\ub2e4.
    \uc774\ub85c \uc778\ud574 \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\uc740 \uc8fc\uc2dd \ud68c\ubcf5\uc138\uc640 \uad6d\ucc44\uc5d0 \ub300\ud55c \ubd88\uc2e0\uc774 \uacf5\uc874\ud558\ub294 \ubcf5\ud569\uc801\uc774\uace0 \uc774\uc9c8\uc801\uc778 \uc2dc\uc7a5 \uc0c1\ud669 \uc18d\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  5. \ub3c4\ub9e4\ubb3c\uac00 \uc0c1\uc2b9\ub960 \ub454\ud654 \uc2ec\ud654
    \ub3c4\ub9e4 \ub2e8\uacc4\uc758 \ubb3c\uac00 \ub454\ud654 \ud750\ub984\uc774 1\uc6d4\uc5d0 \ub354\uc6b1 \ud655\uace0\ud574\uc84c\ub2e4. \ub3c4\ub9e4\ubb3c\uac00\uc9c0\uc218(IPIM)\ub294 1.7% \uc0c1\uc2b9\ud588\uc73c\uba70, \uc774\ub294 12\uc6d4\uc758 2.4%\ubcf4\ub2e4 \ud06c\uac8c \ub0ae\uc740 \uc218\uce58\ub2e4.
    INDEC (\uad6d\uac00\ud1b5\uacc4\uccad)\uc758 \ucd5c\uc2e0 \ubcf4\uace0\uc11c\uc5d0 \ub530\ub974\uba74, \uc5f0\uac04 \uc0c1\uc2b9\ub960\uc740 26.4% \uc218\uc900\uc774\ub2e4. \uc774\ubc88 \uc0c1\uc2b9\uc740 \uad6d\ub0b4 \uc0c1\ud488 1.7% \uc0c1\uc2b9\uc5d0 \uae30\uc778\ud588\uc73c\uba70, \ud2b9\ud788 1\ucc28 \uc0c1\ud488(2.6%)\uc774 \uc774\ub97c \uacac\uc778\ud588\ub2e4. \ubc18\uba74 \uc81c\uc870\uc5c5\uacfc \uc804\ub825 \uac00\uaca9\uc740 \uc548\uc815\uc138\ub97c \ubcf4\uc600\ub2e4.
    \uc138\uae08 \uc694\uc18c\ub97c \uc81c\uc678\ud55c \uae30\ubcf8\ubb3c\uac00\uc9c0\uc218(IBIM)\uc640 \uc0dd\uc0b0\uc790\ubb3c\uac00\uc9c0\uc218(IPP)\ub294 \uac01\uac01 1.6% \uc0c1\uc2b9\ud558\uba70 \ub354 \ub0ae\uc740 \uc0c1\uc2b9\ub960\uc744 \uae30\ub85d\ud588\ub2e4. \uc218\uc785\ud488 \uac00\uaca9\uc740 1.5% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub294 2026\ub144 \ucd08 \uc0dd\uc0b0\ube44\uc6a9\uc5d0 \ub300\ud55c \uc555\ub825\uc774 \uc644\ud654\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uc2e0\ud638\ub2e4.<\/li>\n\n\n\n
  6. \uad6c\ub9e4\ub825 \uc57d\ud654 \uc18d\uc5d0 2\uc6d4 \uc18c\ube44\uc790\uc2e0\ub8b0\uc9c0\uc218 \ud558\ub77d
    \uc18c\ube44\uc790\uc2e0\ub8b0\uc9c0\uc218(ICC)\ub294 2\uc6d4\uc5d0 4.7% \ud558\ub77d\ud558\uba70 \uc548\uc815\uc138\ub97c \uae68\uace0 44.38\ud3ec\uc778\ud2b8\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\ub294 \ud1a0\ub974\ucfe0\uc544\ud1a0 \ub514 \ud154\ub77c \ub300\ud559\uad50 \uc870\uc0ac \uacb0\uacfc\ub2e4.
    \uc5f0\uac04 \uae30\uc900\uc73c\ub85c\ub294 6.09% \ud558\ub77d\ud588\ub2e4. \uc774\ubc88 \ud558\ub77d\uc740 1\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc758 \uc601\ud5a5\uc73c\ub85c \uac1c\uc778 \uacbd\uc81c \uc0c1\ud669\uc5d0 \ub300\ud55c \ubd80\uc815\uc801 \uc778\uc2dd\uc774 \ud655\ub300\ub418\uc5c8\uace0, \ubbf8\ub798 \uae30\ub300\uce58\ub3c4 \ub0ae\uc544\uc84c\uae30 \ub54c\ubb38\uc774\ub2e4.
    \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \uc815\ubd80\uc758 \uc7ac\uc815 \uae34\ucd95 \ubc0f \uac00\uaca9 \uc790\uc720\ud654 \uc815\ucc45\uc774 \uac70\uc2dc\uacbd\uc81c \uc9c8\uc11c \ud68c\ubcf5\uc744 \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc2e4\uc9c8\uc18c\ub4dd\uc5d0 \ub300\ud55c \uc9c0\uc18d\uc801\uc778 \uc555\ubc15\uc774 \uac00\uacc4 \uc2ec\ub9ac\ub97c \uc704\ucd95\uc2dc\ud0a4\uace0 \uc788\uc73c\uba70, \uc774\ub294 \ub0b4\uc218\uacbd\uc81c\uc758 \ud575\uc2ec \ucd95 \uc911 \ud558\ub098\uc5d0 \uc601\ud5a5\uc744 \uc8fc\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11557"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11557\/revisions"}],"predecessor-version":[{"id":11559,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11557\/revisions\/11559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11558"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}