The ups and downs of the macroeconomy in the last twelve months they took their tollto the companies of the Knowledge Economy. Between July 2023 and June 2024, this sector broke the growing trend in its activity levels and suffered a drop in exports and stagnation in job creation.
This is what he reported Argenconthe entity that brings together the main companies in the Knowledge Economy, based on the data in its report Argenconomics in which it analyzes the performance of the sector in the aforementioned period.
According to the diagnosis included in that report, in the last year the country experienced a drastic economic transitioncharacterized successively by the 2023 electoral process, the assumption of the new government and the beginning of a new policy, which imposed a strong relative price correction and regulatory and operating reforms of the economy in general.
Due to these fluctuations, Argencon warned that the reading of nominal values on the activity of the sector “should be analyzed with special care, and its results should not be projected linearly over the next few quartersespecially when central aspects of the new policy are still being implemented.”
Regarding the statistical data of the period, total exports They reached US$7,831 million, which represents a decrease of 1.4% compared to the same period of the previous year.
This amount was the result of an interannual increase in professional services of 4.2% and, as a counterpart, the falls in exports of computer software and services (9.0%) and cultural and recreational services (18.9%) and charges for the use of intellectual property (2.8%).
“It is evident that the business management centers of international companies in Argentina They are a more stable and less permeable growth vector to shocks than other industries,” he highlighted.
However, it clarifies that in the second quarter of 2024 an increase of 8.7% was observed, marking a recovery after the negative trend of previous quarters.
Argentina went against the global trend, since at that level exports of knowledge-based services grew by 8.6% in 2023, according to WTO data.
However, Argentina reduced its global market share to 0.23%falling to 43rd place in the ranking, in contrast to the 0.37% participation achieved in 2010. “This decline reflects the impact of years of macroeconomic instability on the country’s competitiveness,” clarifies the report.
In terms of employment, the sector maintained the occupancy level of the previous yeara situation that according to Argencon “should be valued positively given the general decline in salaried employment registered at the national level.
“The Knowledge Economy is key to the development of Argentina, which is why it is critical to continue advancing with measures aimed at stabilizing the macroeconomy and reducing cost asymmetries of our country, as a necessary condition to boost the global competitiveness of the sector,” said Luis Galeazzi, Executive Director of Argencon.
The report also highlights that Artificial Intelligence, particularly with the implementation of the recent Large Investment Incentive Regime (RIGI), represents “a strategic opportunity” for the sector that seeks to position Argentina as a global hub of disruptive technologies, complementing the benefits established by the Knowledge Economy Law.
Source: Ambito
