The CEO of the consulting firm W, Guillermo Oliveto, stressed that the financial and macroeconomic world is celebrating but the microeconomy is suffering from notable suffering.
The CEO of the consulting firm W, Guillermo Oliveto, said in radio statements that Argentina is going through a recession similar to the one it suffered after the fall of convertibility.. However, he clarified that several of the latest data are generating positive expectations in certain sectors.
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The businessman stressed that today the economy is speaking “three different languages.” On the one hand the financial world and the macroeconomic world are “celebrating” seeing that variables such as the fiscal deficit or inflation improve faster than expected, to the point that banks are beginning to grant mortgage loans again. However, in parallel, microeconomics suffers very noticeable suffering.
Oliveto stressed that the fall in activity “is vertical because it crosses all social levels and transversal because it crosses all sectors of the economy.” “Decreases of 18% (annual) in meat consumption or 30% in construction are not They have been seen since 2002. The economy was uncalibrated and tried to get back in order in just 3 months“, he assured in dialogue with El Observador 107.9.
Economic activity plummeting
The latest data from Monthly Economic Activity Estimator (EMAE) published by INDEC showed an interannual collapse of 3.2% for February, which was the fourth consecutive drop. In this way, the seasonally adjusted series reached its lowest level since May 2021, when the economy was recovering from the hard blow caused by the Covid-19 pandemic.
Of the most relevant sectors of the economy, construction, industry and commerce are the most affected. To these we can add the activity of the banks which, although with less overall impact, suffered sharp collapses.
Contrary to the general level, the hydrocarbon and mining sector, and agriculture, have been showing improvements (in the case of agriculture with a very low comparison base due to the 2023 drought).
