Economy

• Friday, April 26th 2024 - 20:59 UTC

  Thousands of layoffs feared in Argentina next month

  

  Argentine SMEs fear a wave of sackings in the coming days due to President Javier Milei's policies which may have been somewhat successful at curbing inflation but at a cost. The Industriales Pymes Argentinos (IPA) chamber released a report saying that some 17,000 jobs had been lost since Milei took office on Dec. 10, 2023, and further suspensions and layoffs appear on May's radar.

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• Friday, April 26th 2024 - 20:06 UTC

  Argentina's Central Bank lowers basic interest rates

  

  Argentina's Central Bank (BCRA) this week lowered the benchmark interest rate by another 10 percentage points to 60% annually, it was reported in Buenos Aires. It was the fourth such cut since Javier Milei took office on December 10, 2023, when the rate stood at 133%. “BCRA announces that as of 04-25-2024, the rate for 1-business-day maturity passive operations will be 60%,” it said in a statement. It was also the second 10-point cut in April alone.

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• Friday, April 26th 2024 - 10:56 UTC

  Brazil to discourage steel imports?

  

  Brazilian authorities announced this week that new measures will be in force concerning the import of steel products. In a move to discourage such practices, goods exceeding the quota of 11 items will be charged higher taxes, Agencia Brasil reported. In other words, if the maximum volume is exceeded, the import duty, currently ranging between 9% and 14.4%, will reach 25%, the Chamber of Foreign Commerce explained. The initiative seeks to prevent unfair competition with domestic steel.

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• Tuesday, April 23rd 2024 - 10:33 UTC

  Milei praises his own administration for its financial surplus

  

  Argentine President Javier Milei Monday highlighted his administration's performance bringing about a financial surplus worth AR$ 276.638 billion (US$ 276.638 million), which constituted a “historical feat.” He also said this achievement of three consecutive surplus-yielding months -something unheard of since 2008- was possible thanks to his administration's “chainsaw” policies cutting State expenditures. Argentina's economic performance fell well within the goals agreed upon with the International Monetary Fund (IMF).

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• Monday, April 22nd 2024 - 12:43 UTC

  Milei to announce his achievements on nationwide TV

  

  Argentine President Javier Milei is to speak on national TV on Monday announcing the achievements of his economic plan. According to Buenos Aires media citing Casa Rosada sources, alongside Milei will be Economy Minister Luis 'Toto' Caputo, Finance Secretary Pablo Quirno, and Central Bank (BCRA) President Santiago Bausili.

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• Monday, April 22nd 2024 - 12:28 UTC

  Downward revision reported for Argentine 2024 agricultural exports

  

  Argentina's 2024 exports of soybean, corn, wheat, sunflower, and barley have been projected to reach barely US$ 29.3 billion, which would represent a US$ 5.7 billion recovery from 2023 but a US$ 1.7 billion slump compared to the last five years' average, the Grain Stock Exchange in Rosario (BCR) announced in its latest Guía Estratégica para el Agro (GEA) report. The new figures represent an 18% downward revision from December's calculations.

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• Saturday, April 20th 2024 - 10:55 UTC

  Milei says conditions for Argentina's recovery being created

  

  Argentine President Javier Milei Friday told a group of businesspeople attending the Llao Llao Forum in Bariloche that he did not believe in a “dirigist” economy in which the State would be involved in every step along the productive process. He also insisted his administration was “creating the conditions for Argentina to grow again” from “the worst crises in history.”

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• Friday, April 19th 2024 - 21:14 UTC

  Brazil's Finance Minister hopes G20 will tax the super‑rich to tackle world's debt crisis

  

  During his trip to Washington DC to attend International Monetary Fund (IMF) and World Bank (WB) engagements, Brazil's Finance Minister Fernando Haddad said he hoped the G-20 would approve later this year a new taxation for the planet's super-rich so that the global economy could adjust amid an unprecedented debt crisis, Agencia Brasil reported.

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• Thursday, April 18th 2024 - 10:41 UTC

  Argentina's Economy Minister foresees 1-digit monthly inflation imminent

  

  Argentina's Economy Minister Luis 'Toto' Caputo insisted Wednesday in Washington DC during his participation at the International Monetary Fund's (IMF) Spring Meeting that his country would be achieving a one-digit inflation rate shortly.

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• Wednesday, April 17th 2024 - 10:55 UTC

  IMF says Argentina improving but results not expected this year

  

  According to the World Economic Outlook released Tuesday by the International Monetary Fund (IMF), Argentina's inflation in 2024 is expected to reach 149.4%. The study also forecasted that the country's economy would fall by 2.8% this year only to bounce back in 2025 by 5%. The Consumer Price Index (CPI) would be dropping to 45%.