{"id":14935,"date":"2026-09-16T17:49:57","date_gmt":"2026-09-16T20:49:57","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=14935"},"modified":"2026-09-16T17:49:58","modified_gmt":"2026-09-16T20:49:58","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c09%ec%9b%94-16%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=14935","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(09\uc6d4 16\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. 2027\ub144 \uc608\uc0b0\uc548: \uc815\ubd80, \uc7ac\uc815 \ud751\uc790 \uc6b0\uc120\u2026\uc778\ud50c\ub808\uc774\uc158 \ud558\ub77d \uc804\ub9dd
    \uc815\ubd80\ub294 2027\ub144\ub3c4 \uc608\uc0b0\uc548\uc744 \ud558\uc6d0\uc5d0 \uc81c\ucd9c\ud588\ub2e4. \uc120\uac70\uac00 \uce58\ub7ec\uc9c0\ub294 2027\ub144\uc744 \uc55e\ub450\uace0 \uc815\uce58\uad8c\uc758 \ud569\uc758\ub97c \uc774\ub04c\uc5b4\ub0b4\ub294 \ud55c\ud3b8, \uc5c4\uaca9\ud55c \uc7ac\uc815 \uc6b4\uc6a9\uc744 \ucd5c\uc6b0\uc120 \uacfc\uc81c\ub85c \uc0bc\uace0 \uc788\ub2e4.
    \uc815\ubd80\uac00 \uc81c\uc2dc\ud55c \uc8fc\uc694 \uac70\uc2dc\uacbd\uc81c \uc804\ub9dd\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4.
    *\uae30\ucd08\uc7ac\uc815\uc218\uc9c0 \ud751\uc790: GDP\uc758 1.3%
    *\uae08\uc735\uc218\uc9c0 \ud751\uc790: GDP\uc758 0.2%
    *\uacbd\uc81c\uc131\uc7a5\ub960: 4%
    *12\uc6d4 \uae30\uc900 \uc5f0\uac04 \uc778\ud50c\ub808\uc774\uc158: 18%
    *\uc5f0\ud3c9\uade0 \uc778\ud50c\ub808\uc774\uc158: 21.1%
    *\uc5f0\ub9d0 \uacf5\uc2dd \ub2ec\ub7ec \ud658\uc728: 1,847.60\ud398\uc18c
    *\uc5f0\ud3c9\uade0 \ub2ec\ub7ec \ud658\uc728: 1,728\ud398\uc18c
    *\ub300\uc678\ubb34\uc5ed: 1,339\uc5b58,400\ub9cc \ub2ec\ub7ec \uc218\ucd9c, 155\uc5b56,000\ub9cc \ub2ec\ub7ec\uc758 \ubb34\uc5ed\uc218\uc9c0 \ud751\uc790
    *\uba85\ubaa9 \uc784\uae08 \uc0c1\uc2b9\ub960: 25.4%, \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9\ub960\uc744 \uc6c3\ub3cc\ub3c4\ub85d \ud55c\ub2e4\ub294 \uacc4\ud68d\uc774\ub2e4.
    \uc774\ub85c\uc368 \ud589\uc815\ubd80\ub294 2027\ub144\uc758 \uac70\uc2dc\uacbd\uc81c \uc6b4\uc601 \ubc29\ud5a5\uc744 \uc81c\uc2dc\ud588\uc73c\uba70, \uc608\uc0b0\uc548\uc740 \uc55e\uc73c\ub85c \uc758\ud68c \uc0c1\uc784\uc704\uc6d0\ud68c\uc5d0\uc11c \ubcf8\uaca9\uc801\uc73c\ub85c \ub17c\uc758\ub420 \uc608\uc815\uc774\ub2e4.<\/li>\n\n\n\n
  2. \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728 \ud558\ub77d\uc138 \uc9c0\uc18d
    \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc740 \uc5b4\uc81c 1.50\ud398\uc18c \ud558\ub77d\ud55c 1\ub2ec\ub7ec\ub2f9 1,506.50\ud398\uc18c\ub85c \ub9c8\uac10\ud588\ub2e4. \ucd5c\uadfc \uba70\uce60\uac04 \uc678\ud658\uc2dc\uc7a5\uc758 \uc548\uc815\uc138\uac00 \uc774\uc5b4\uc9c0\uace0 \uc788\uc73c\uba70, \uc774\ub294 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc778 1,894.30\ud398\uc18c\ubcf4\ub2e4 25.74% \ub0ae\uc740 \uc218\uc900\uc774\ub2e4.
    \uc18c\ub9e4\uc2dc\uc7a5\uc5d0\uc11c\ub294 Banco Naci\u00f3n\uc758 \ub2ec\ub7ec \ud658\uc728\uc774 1,530\ud398\uc18c\ub85c \ub9c8\uac10\ud588\uc73c\uba70, \uacf5\uc2dd \ud3c9\uade0 \ud658\uc728\uc740 1,532.20\ud398\uc18c\uc600\ub2e4. \ud574\uc678 \uce74\ub4dc \uacb0\uc81c \ub4f1\uc5d0 \uc801\uc6a9\ub418\ub294 \u2018\ub2ec\ub7ec \ud0c0\ub974\ud5e4\ud0c0(d\u00f3lar tarjeta)\u2019\ub294 1,989\ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4.
    \uae08\uc735 \ub2ec\ub7ec\ub3c4 \ud070 \ubcc0\ub3d9 \uc5c6\uc774 \uac70\ub798\ub410\ub2e4. CCL \ud658\uc728\uc740 1,594.41\ud398\uc18c\ub85c \ud558\ub77d\ud588\uace0, MEP \ud658\uc728\uc740 1,530.88\ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4.
    \ub2ec\ub7ec \uc120\ubb3c\uc2dc\uc7a5\uc5d0\uc11c\ub3c4 \ubaa8\ub4e0 \ub9cc\uae30\uc758 \uac00\uaca9\uc774 \ud558\ub77d\ud588\ub2e4. \uc2dc\uc7a5\uc774 \uc608\uc0c1\ud558\ub294 \uc5f0\ub9d0 \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc740 1,601\ud398\uc18c\ub85c \ub098\ud0c0\ub098 \uc810\uc9c4\uc801\uc778 \ud398\uc18c\ud654 \ud3c9\uac00\uc808\ud558 \uc804\ub9dd\uc774 \uc720\uc9c0\ub418\uace0 \uc788\ub2e4.
    \uc774\uc640\uad00\ub828 Infobae\uc5d0 \uac8c\uc7ac\ub41c \ubd84\uc11d\uc5d0\uc11c\ub294 \u201c9\uc6d4 \uc678\ud658\uc2dc\uc7a5\uc740 \uc548\uc815\ub41c \ubaa8\uc2b5\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4. \uc815\ubd80\ub294 \uc774\ub7ec\ud55c \uc548\uc815\uc138\ub97c \uc720\uc9c0\ud558\ub824 \ud558\uace0 \uc788\uc73c\uba70, \uc815\uce58\uad8c\uc758 \uad00\uc2ec\uc740 \uc810\ucc28 2027\ub144\uc73c\ub85c \ud5a5\ud558\uace0 \uc788\ub2e4\u201d\uace0 \ud3c9\uac00\ud588\ub2e4.<\/li>\n\n\n\n
  3. \uad6d\uac00\uc704\ud5d8\uc9c0\uc218 506bp\ub85c \uc0c1\uc2b9\u2026\uc6d4\uac00\uc640 \uad6d\uc81c\uc720\uac00 \uc601\ud5a5
    \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \uc804\ub0a0 3.3% \uc0c1\uc2b9\ud574 \uc2ec\ub9ac\uc801 \uae30\uc900\uc120\uc778 500bp\ub97c \ub118\uc5b4 506bp\ub97c \uae30\ub85d\ud588\ub2e4.
    \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc758 \ubd88\ud655\uc2e4\uc131\uc774 \uc8fc\uc694 \uc6d0\uc778\uc73c\ub85c \uc9c0\ubaa9\ub410\ub2e4. \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uae08\ub9ac \uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9c0\uba74\uc11c \ubbf8\uad6d \uad6d\ucc44 \uc218\uc775\ub960\uc774 5%\ub97c \ub118\uc5b4\uc130\ub2e4.
    \uc774\ub7ec\ud55c \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc758 \uae34\uc7a5\uc73c\ub85c \uc138\uacc4 \uc99d\uc2dc\uac00 \uc804\ubc18\uc801\uc73c\ub85c \ud558\ub77d\ud588\uace0 \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc790\uc0b0\uc5d0\ub3c4 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.
    \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44\ub294 \uc6d4\uac00\uc5d0\uc11c \ucd5c\ub300 0.88%, \uad6d\ub0b4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ucd5c\ub300 0.8% \ud558\ub77d\ud588\uc73c\uba70 Global 2046 \ucc44\uad8c\uc758 \ud558\ub77d\ud3ed\uc774 \ub450\ub4dc\ub7ec\uc84c\ub2e4.
    \ub274\uc695\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5 ADR\ub3c4 \ucd5c\ub300 3.8% \ud558\ub77d\ud588\uace0, \uc544\ub974\ud5e8\ud2f0\ub098 S&P Merval \uc8fc\uac00\uc9c0\uc218\ub294 0.3% \ub5a8\uc5b4\uc84c\ub2e4.<\/li>\n\n\n\n
  4. 7\uc6d4 \uc0b0\uc5c5\uc124\ube44 \uac00\ub3d9\ub960 58.2%\ub85c \ud558\ub77d
    \uad6d\uac00\ud1b5\uacc4\uccad(INDEC)\uc5d0 \ub530\ub974\uba74 7\uc6d4 \uc0b0\uc5c5\uc124\ube44 \uac00\ub3d9\ub960\uc740 58.2%\ub85c \ud558\ub77d\ud588\uc73c\uba70, 2025\ub144 \uac19\uc740 \ub2ec\ubcf4\ub2e4 \ub0ae\uc740 \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4.
    \uc0b0\uc5c5\uc0dd\uc0b0 \ub454\ud654\ub294 \ud2b9\ud788 \uc790\ub3d9\ucc28\uc640 \uae08\uc18d\uae30\uacc4 \ubd80\ubb38\uc5d0 \ud070 \uc601\ud5a5\uc744 \ubbf8\ucce4\uc73c\uba70, \uc774\ub4e4 \ubd80\ubb38\uc758 \uc124\ube44 \uac00\ub3d9\ub960\uc740 40%\uc5d0\ub3c4 \ubbf8\uce58\uc9c0 \ubabb\ud588\ub2e4.
    \ub18d\uc5c5\uae30\uacc4, \uac00\uc804\uc81c\ud488, \uac74\ucd95\uc790\uc7ac \uc0dd\uc0b0 \uac10\uc18c\uac00 \uc774\ub4e4 \uc0b0\uc5c5\uc758 \uc704\ucd95\uc744 \uac00\uc838\uc628 \uc8fc\uc694 \uc6d0\uc778\uc73c\ub85c \ubd84\uc11d\ub410\ub2e4.
    \ubc18\uba74 \uc11d\uc720\uc815\uc81c \ubd80\ubb38\uc758 \uc124\ube44 \uac00\ub3d9\ub960\uc740 \uc57d 90%\uc5d0 \ub2ec\ud574 \uc81c\uc870\uc5c5 \uac00\uc6b4\ub370 \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4.
    \uae30\ucd08\uae08\uc18d\uc0b0\uc5c5\uc758 \uac00\ub3d9\ub960\uc740 71.8%\uc600\uc73c\uba70, \uc870\uac15 \uc0dd\uc0b0\uc774 15.3% \uc99d\uac00\ud55c \uac83\uc774 \uae0d\uc815\uc801\uc73c\ub85c \uc791\uc6a9\ud588\ub2e4.
    \uc81c\uc9c0\uc0b0\uc5c5\uacfc \uc2dd\ud488\u00b7\uc74c\ub8cc \ubd80\ubb38\ub3c4 \ub300\ub450 \uac00\uacf5 \uc99d\uac00\uc5d0 \ud798\uc785\uc5b4 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uac1c\uc120\ub41c \ubaa8\uc2b5\uc744 \ubcf4\uc600\ub2e4.
    \uc804\uccb4\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 \uc0b0\uc5c5\uc740 \uc5c5\uc885\ubcc4\ub85c \uc0c1\ub2f9\ud55c \ucc28\uc774\ub97c \ubcf4\uc774\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  5. \ubbf8\uad6d \uae08\ub9ac: Fed, 3\ub144 \ub9cc\uc5d0 \uae08\ub9ac \uc778\uc0c1\ud560\uae4c?
    \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\ub294 \uc624\ub298 \uae30\uc900\uae08\ub9ac \uacb0\uc815\uc744 \ubc1c\ud45c\ud560 \uc608\uc815\uc774\ub2e4. \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c\ub294 3\ub144 \ub9cc\uc5d0 \ucc98\uc74c\uc73c\ub85c \uae08\ub9ac\uac00 \uc778\uc0c1\ub420 \uac00\ub2a5\uc131\uc744 \ubc18\uc601\ud558\uace0 \uc788\ub2e4.
    \ubbf8\uad6d\uc758 \uc9c0\uc18d\uc801\uc778 \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc774 \uae08\ub9ac \uc778\uc0c1 \uc804\ub9dd\uc758 \uc8fc\uc694 \ubc30\uacbd\uc774\ub2e4. \ubc1c\ud45c\ub294 \ucf00\ube48 \uc6cc\uc2dc(Kevin Warsh) \uc5f0\uc900 \uc758\uc7a5\uc774 \ub9e1\uc744 \uc608\uc815\uc774\ub2e4.
    \ubbf8\uad6d\uc758 \ud1b5\ud654\uc815\ucc45 \ubcc0\ud654 \uc6c0\uc9c1\uc784\uc740 \uc138\uacc4\uc801\uc778 \ucd94\uc138\uc640\ub3c4 \ub9de\ubb3c\ub824 \uc788\ub2e4. \uc5ec\ub7ec \uc911\uc559\uc740\ud589\uc774 \ubb3c\uac00 \uc0c1\uc2b9\uc744 \uc5b5\uc81c\ud558\uae30 \uc704\ud574 \ub354\uc6b1 \uae34\ucd95\uc801\uc778 \ud1b5\ud654\uc815\ucc45\uc744 \uac80\ud1a0\ud558\uace0 \uc788\ub2e4.
    \uc911\ub3d9 \uc9c0\uc5ed\uc758 \ubd84\uc7c1\uc73c\ub85c \uc5f0\ub8cc \uacf5\uae09\uc5d0 \ucc28\uc9c8\uc774 \ubc1c\uc0dd\ud558\uace0 \uc5d0\ub108\uc9c0 \uac00\uaca9 \uc555\ub825\uc774 \ucee4\uc9c0\uba74\uc11c \uc0c1\ud669\uc740 \ub354\uc6b1 \ubcf5\uc7a1\ud574\uc9c0\uace0 \uc788\ub2e4.
    \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB)\uc740 \uc9c0\ub09c\uc8fc \uc774\ubbf8 \uc774 \uac19\uc740 \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc600\uc73c\uba70, \ub0b4\uc77c\uc740 \uc601\uad6d\uacfc \uc77c\ubcf8\uc758 \ud1b5\ud654\ub2f9\uad6d\uc774 \uae08\ub9ac \uad00\ub828 \uacb0\uc815\uc744 \ub0b4\ub9b4 \uc608\uc815\uc774\ub2e4.
    Fed\uc758 \uc774\ubc88 \uacb0\uc815\uc740 \ucd5c\uadfc \uc774\uc5b4\uc9c4 \uae00\ub85c\ubc8c \uae08\uc735\uc790\uc0b0 \ub9e4\ub3c4\uc138 \uc774\ud6c4 \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc758 \ud5a5\ubc29\uc744 \uacb0\uc815\ud558\ub294 \uc911\uc694\ud55c \ubcc0\uc218\uac00 \ub420 \uc804\ub9dd\uc774\ub2e4.<\/li>\n\n\n\n
  6. \uc6d4\uac00, Fed \uae08\ub9ac \uacb0\uc815\uc744 \uc55e\ub450\uace0 \uc0c1\uc2b9
    \uc138\uacc4 \uc8fc\uc694 \uc99d\uc2dc\ub294 \uc624\ub298 \uc624\ud6c4 \ubc1c\ud45c\ub420 \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uae08\ub9ac \uacb0\uc815\uc744 \uae30\ub2e4\ub9ac\uba70 \uc18c\ud3ed \uc0c1\uc2b9\ud558\uace0 \uc788\ub2e4.
    \uad6d\uc81c\uc720\uac00\uc640 \ubbf8\uad6d \uad6d\ucc44 \uc218\uc775\ub960\uc758 \uc0c1\uc2b9\uc138\uac00 \uc7a0\uc2dc \uc9c4\uc815\ub41c \uac83\ub3c4 \ud22c\uc790\uc2ec\ub9ac \uac1c\uc120\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.
    \ubbf8\uad6d 10\ub144\ubb3c \uad6d\ucc44 \uc218\uc775\ub960\uc740 2007\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uae4c\uc9c0 \uc0c1\uc2b9\ud55c \ub4a4 5% \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4.
    \uad6d\uc81c \uc6d0\uc720\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc624\ub9cc\uc744 \ud1b5\ud55c \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544\uc758 \uacf5\uae09 \uc99d\uac00\ub85c \uc720\uac00\uac00 \ud558\ub77d\ud588\ub2e4.
    \ube0c\ub80c\ud2b8\uc720\ub294 1.4% \ud558\ub77d\ud55c \ubc30\ub7f4\ub2f9 107.20\ub2ec\ub7ec, \ubbf8\uad6d \uc11c\ubd80\ud14d\uc0ac\uc2a4\uc0b0\uc6d0\uc720(WTI)\ub294 2.2% \ud558\ub77d\ud55c \ubc30\ub7f4\ub2f9 103.42\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
    \ub274\uc695\uc99d\uc2dc \uac1c\uc7a5 \uc804 \uac70\ub798\uc5d0\uc11c\ub294 S&P 500 \uc9c0\uc218\uac00 0.24%, \uae30\uc220\uc8fc \uc911\uc2ec\uc758 Nasdaq \uc9c0\uc218\uac00 0.45%, Dow Jones \uc9c0\uc218\uac00 0.20% \uc0c1\uc2b9\ud588\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":14936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-14935","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\/14935","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=14935"}],"version-history":[{"count":0,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/14935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/14936"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}