The president of AmCham and Senior Country Officer of JP Morgan, Facundo Gomez Minujinstated today that Argentina will face “a recession with inflation” in the coming months, which will be the tenth crisis since the return of democracy.
“Once again a recession began for our weakened economy. We will experience a recession with inflation,” said the businessman at the opening of the AmCham Summit 2023.
Minujín pointed out that Argentina’s economy began to weaken at the end of 2022 and that it deepened in the first quarter of the year.
“Argentina has been in constant decline for 70 years now and clearly that decline has been accelerating; to speak of closer moments, Argentina began to feel the slowdown of its economy at the end of 2022, continuing the cooling in the first quarter of this year, which leads us to anticipate that once again a new recession has begun for our already weakened finances; unfortunately we will experience a recession with inflation”said the businessman.
Despite this scenario, he pointed out: “Amcham believes that we are facing a hinge year for the country, where all Argentines will have the opportunity to elect those representatives who ensure they have the ideal tools to solve our problems. It is not only a hinge year, Rather, we are facing a new great opportunity. Let’s hope, this time, we won’t miss it.”
Minujín considered: “If the country begins to have clear and stable rules, an ethical and transparent environment is manifested, we, as active leaders of the private sector, must leave doubts and invest to be protagonists of the Argentina that is coming”.
AmCham’s president maintained: “We must take risks and remain positive in the belief that Argentina can change and will improve.”
“In the last decade, there has been no growth in employment in the private sector or growth in the volume of exports. On the contrary, the great employer in the last decade has been the National Government and the provincial governments. It is also up to us to reverse this trend,” he exhorted.
Minujín affirmed: “We at Amcham are convinced that once the fiscal deficit is eliminated, the Central Bank and its board of directors are truly given independence, and excessive State spending is cut, the country will begin to grow steadily and beneficially for the whole the population”.