News of economic

Bloomberg

Brazil looks to India as trade with Argentina deteriorates

15-01-2020 23:26 Brazil sees a huge potential for its exports of food and commodities, and a chance to increase its US$7 billion in annual bilateral trade with India to US$25 billion in the next few years.

Bloomberg

US to prioritise Brazil over Argentina in OECD reversal

15-01-2020 09:06 Washington to tell OECD officials that US now prioritises Brazil's bid for membership, rather than Argentina's.

EXTRAORDINARY SESSIONS

Full agenda for Congress ahead of return to activity

14-01-2020 12:36 President Fernández says law to create an "Economic and Social Council" is ready to be sent to Congress for debate, along with a host of other bills.

by James Grainger

ECONOMIC CRISIS

Dying becomes a luxury as economic downturn hits home

06-01-2020 23:20 The cost of buying, renting and maintaining graves and tombs is so high that many in Argentina are opting to cremate their loved ones instead.

NEW ERA IN ARGENTINA

Fernández seals first 'social agreement' with business leaders, unions

29-12-2019 22:57 First meeting of Economic and Social Council ends with signing of four-page document – the "Compromiso Argentino para el Desarrollo y la Solidaridad."

Ley de Solidaridad

Government publishes emergency economic measures in Official Gazette

24-12-2019 09:02 Sweeping economic passage published as Alberto Fernández reveals IMF team will arrive in Buenos Aires for talks "in the coming days." President admits he hopes for single-digit inflation by 2023.

Ley de Solidaridad

Lower House lawmakers back Fernández's economic emergency bill

20-12-2019 10:47 After a marathon session, lawmakers in the Chamber of Deputies voted this morning to approve President Alberto Fernández's economic emergency legislative project, sending the legislation to the Senate.

Emergency Bill

González García: 'Argentina's health system in a critical state'

19-12-2019 15:17 Health minister delivered his comments during a presentation to a congressional Budget and Treasury committee, as lawmakers debate Fernández administration's legislative package.

Economic Crisis

Unemployment reached 9.7% in third quarter of 2019

19-12-2019 15:04 Racked by economic crisis, Argentina's joblessness rate has actually shown slight improvement.

Emergency Bill

Debate over government's omnibus 'emergency' bill rages on

18-12-2019 20:39 Lawmakers are set to vote on the massive piece of legislation on Thursday that would formalise the "triple" emergency and set in motion a series of economic reforms to address the crisis

NEW ERA IN ARGENTINA

Fernández administration to send recovery package to Congress

16-12-2019 15:21 Legislative package includes, among other measures, a 30 percent surcharge on 'tourist dollar,' increased taxes on exports and plans to make healthcare more accessible and affordable, according to government.

New government

Santiago Cafiero says government may declare state of emergency

11-12-2019 13:48 New Cabinet chief describes Mauricio Macri's government as the "worst in the history of democracy" in Argentina.

Bloomberg

Argentina can’t pay debt until economy grows, says Fernández

10-12-2019 17:36 In his first presidential address, Fernández read off a list of challenging economic indicators he’s inherited, including the biggest debt load as a percentage of gross domestic product since 2004, when the country was in default – and he was Cabinet chief.

Bloomberg

Jair Bolsonaro’s attempt to rewire Brazil’s economy risks short circuiting

04-12-2019 11:10 The government has presented not just one but three constitutional amendment proposals to reduce public spending. Each requires the backing of at least three-fifths of the lawmakers in both houses of Congress to pass – a tall order at the best of times.

RECORD CREDIT-LINE

Macri administration has used 83% of IMF loan to pay off external debt, data shows

25-11-2019 17:21 Data from Treasury says 83% went towards paying off debt accrued during the first three years of his presidency, with remainder used to service payments on national debt and fuel imports.

WASHINGTON CALLING

Trump phones Fernández: 'Your victory has been talked of around the world'

01-11-2019 18:11 After five days of silence, the United States president congratulates his new Argentine counterpart. The IMF deal and future cooperation were discussed. “We need to do things together,” Fernandez tells Trump.

DEMONSTRATION

Protesters march against IMF in downtown Buenos Aires

31-10-2019 19:44 First social protest since the election of Alberto Fernandez sees hundreds march through downtown Buenos Aires.

Bloomberg

Macri extends olive branch to Fernández over economy

28-10-2019 14:40 At a meeting Monday morning, the two discussed plans to steer the nation out of the looming economic crisis.

Chile Protests

Anti-government protests intensify in Chile; at least 19 have died

25-10-2019 20:49 The unrest began as a protest over a four-cent increase in subway fares and soon morphed into a larger movement over growing inequality in one of Latin America's wealthiest countries.

Election 2019

Peronists expect return to power in polarised election

25-10-2019 20:26 Citizens await results of approaching presidential election in the midst of an economic crisis, including rising rates of poverty and inflation. Potential leftist win could mark a significant departure from trend of increasing conservative governments in the region.

POVERTY

Streets of Buenos Aires the last refuge of those hit hardest by crisis

25-10-2019 15:24 Homelessness has increased markedly during Argentina's worst economic crisis since 2001 and the capital's growing population of street-dwellers are finding it increasingly difficult to get by.

ECONOMIC INDICATORS

Economic activity dropped 3.8% in August year-on-year

24-10-2019 21:00 The World Bank and the International Monetary Fund (IMF) recently predicted that Argentina's gross domestic product would decline by 3.1% in 2019.

AS I SEE IT

Crunch time is about to arrive

19-10-2019 13:36 For most of the country’s political leaders, trade unionists, businessmen and other influential personalities, the traditional way of doing things is perfectly natural and the ideas they cling to are only common sense.

by James Neilson

World

WhatsApp tax sparks protests in Lebanon

18-10-2019 15:28 In the midst of a massive economic downturn, the government imposed taxes on the free messaging service. Widespread outcry ultimately compelled the government to reverse its policy within hours, but protests have yet to cease.

Women's Rights

Buenos Aires confirmed as host of 2020 Women Economic Forum

17-10-2019 08:00 The annual gathering of over 1,000 people to discuss women's economic opportunity and empowerment will take place in Argentina's capital next year.

BLOOMBERG

US turns down Brazil’s OECD bid, despite having endorsed it

10-10-2019 12:27 US government decides not to endorse Brazil’s bid to join the Organisation for Economic Cooperation and Development, marking a reversal after months of public support from top officials. However, Washington indicates it does support membership claims from Argentina and Romania.

ECONOMIC INDICATORS

Economic activity grew 0.6% in July year-on-year, says INDEC

27-09-2019 00:46 Small rise on last July's figure thanks to agriculture; economic activity has contracted by 2.1% since January, according to statistics bureau.

Global economic outlook

OECD: Trade tensions slam brakes on global economy

19-09-2019 09:41 In an update to its economic forecasts from May, the Organisation for Economic Co-operation and Development cuts global growth forecast for year to 2.9%, predicts 2.7% contraction for Argentina.

POVERTY

Food on the table the priority for nation’s poorest

13-09-2019 23:34 Talk of the exchange rate and the dollar is mostly absent in Villa 21-24, the urban face of Argentina’s economic crisis.

ECONOMIC POLICY

Argentina must drive demand to boost economy, says Alberto Fernández

09-09-2019 07:30 Frente de Todos leader says businesses who risk capital need their investments to pay off because that creates jobs. But those investments won’t happen if there is poverty, he explains in an interview.

ECONOMY

Lacunza calls for new deadlines for IMF debt repayments

28-08-2019 18:30 In a press conference on Wednesday, the finance minister expressed the government's intent to negotiate a new debt restructuring with the IMF.

ECONOMIC INDICATORS

Economy stagnated in June, with activity down 2.6% in first half of 2019

22-08-2019 19:29 Data from the INDEC national statistics bureau on Thursday indicated that economic activity in Argentina did not alter in June with respect to the same month the previous year.

WHAT HAPPENS TO THE PYMEs?

Uncertainty weighs large for local business owners

17-08-2019 11:25 What life at centre of chaos looks like for owners of small and medium businesses.

ECONOMIC MEASURES

President echoes opponents with post-PASO measures for pockets

17-08-2019 11:05 In wake of heavy defeat in primaries, Macri administration annonuces salary hikes, tax cuts and slashes IVA off basic food products, in bid to tackle runaway inflation and get voters back onside.

2019 Elections

Candidates clash online over CFK's economic track record

24-07-2019 04:37 Alberto Fernandez takes on Nicolás Dujovne in Twitter spat, as former president Cristina Fernández de Kirchner's record becomes the battleground for debate.

Bloomberg

Brazil finally delivered on pensions – now comes everything else

11-07-2019 12:52 Pension bill approval has mostly been priced into markets, but investors will want more reform.

Bolsonaro's Brazil

Bolsonaro pension reform passes first vote in Congress

11-07-2019 12:34 Lower House of Congress votes 379 to 131 to approve base text, as protesters take to streets in opposition.

ECONOMIC DOWNTURN

Business groups: 50 Argentine firms closing a day as a result of crisis

04-06-2019 18:05 Business chambers criticise government's 'anti-industrial economic model,' demand effort to 'reconstruct' productive industries.

ECONOMIC INDICATORS

INDEC: Economic activity fell 6.8% in March year-on-year

24-05-2019 15:44 Eleventh consecutive month of decline registered, with economy activity falling 1.3% on February.

ECONOMIC QUESTIONS

Off and running before it can walk

06-10-2018 10:50 Policy is more monetarist than ever when any claim to Central Bank independence has lost all credibility with last month’s abrupt exit of Luis Caputo.

by Michael Soltys

ECONOMIC TURBULENCE

Government warns 'long and painful' recession lies ahead

08-09-2018 10:16 President Mauricio Macri begins week by announcing austerity package, Central Bank chief Luis Caputo ends week with honest assessment of economic outlook, as peso calms slightly against the dollar.

ECONOMIC INDICATORS

INDEC: Economic activity grew 5.1% in February

25-04-2018 08:57 he nation’s trade balance closed in March with a deficit of US$611 million, INDEC also reported.

6.3% in 1st quarter alone

IMF forecasts Argentina's annual inflation at 22.7%, lowers growth outlook

17-04-2018 15:24 Most private estimates of inflation are in line with the IMF’s while general sentiment, especially in the halls of the Central Bank, stand in contrast with the government’s optimism.