Knowledge economy: cheap dollar and tax pressure complicate the sector

In this regard, former Minister of Economy Domingo Cavallo said in his latest publication: “A real appreciation of the weight affects the Competitiveness of exporters, the agricultural sector, industry and services. The current appreciation, estimated at 20%, is similar to that registered in the last years of convertibility and could generate recessive effects”

This phenomenon resulted in many Services exporters linked to the knowledge economy -What were in recent years benefited by the gap and salar dollars or in stablocoinsthat is, via cryptocurrencies. Such as USDT (Tether) that seeks to maintain a parity of 1: 1 with the dollar, which means that, in theory, each USDT is backed by a dollar and was very fashionable in recent years.

To this we must add that from the sector they warn that The high tax level in Argentina affects the competitiveness of the knowledge -based service industry (SBC)in particular in the BPO sector (Business Process Outsourcing). So from the cameras that group these companies warn A deterioration of the job and of the quality of employment, because “Being freelance is no longer as profitable as it was in 2023”

CEPO: The barrier to investments

Santiago SiriPresident of The Democracyos Foundationhe commented in this regard in an interview that, in Argentina, the local market alone is never enough. With a population that exceeds 40 million people, the country faces a clear disadvantage against larger markets such as Brazil, which has 180 million inhabitants, and Mexico, which in addition to its size, has a pool of significant talent, The expert explains.

However, he remarks that both countries have their own challenges. In Mexico, a large part of talent emigrates to the US, while in Brazil, the approach is usually within its own borders, with little openness to other markets. In contrast, “Argentina always sought to monopolize the market in Latin America.” However, for companies in the sector to grow, “it is essential to attract investments and generate favorable conditions for their development.”

Then, according to Siri, the main obstacle for that to happen is the exchange ratewhich generates uncertainty and keeps capital waiting for more stable conditions to enter the country. “The combination of exchange restrictions and delay in the exchange rate configures a complex scenario for the software industry. It is key to recognize the strategic role of this sector, which has the potential to boost the economic future of Argentina,” said the specialist in Dialogue with radio with you.

Pesos above all things

Ramiro RaposoGrowth VP in Bitwagepioneer platform and leader in payment of cryptocurrency fees, remember in dialogue with Scope That, in 2023, there was an increase in the interest of the freelancers to receive payments in cryptocurrencies. However, after the assumption of Javier Mileithe trend showed a significant change.

And, he explains, during the first months of libertarian management, economic uncertainty and the relative stabilization of the exchange rate, “A stagnation in the growth of crypto payments”

Raposo argues that he was only in mid -June 2024 when he detected an inverse trend with a key particularity: “A greater number of workers chose to receive their income in pesos instead of cryptocurrencies”, He says.

And he adds that this phenomenon responds to a combination of factors, including “the reduction of the exchange gap, the impact of government economic policies and greater confidence in the stability of the local currency in the short term.” Although it analyzes that Far from being a matter of rejection or preference for digital assets, Raposo ensures that workers now prioritize immediate liquidity and the ability to face their daily expenses without depending on the volatility of the crypto market.

Tax pressure and loss of regional competitiveness

Javier SerafiniCEO of Cat Technologiesexplains in statements to this medium how the high tax level in Argentina affects the competitiveness of the knowledge -based service industry (SBC), particularly that of the BPO sector (Business Process Outsourcing). Ensures that the tax burden on employment and VAT in Argentina are much higher than in other countries in the region, “What increases operating costs and reduces the purchasing power of workers”.

In addition, Serafini mentions that Volatility of the exchange rate is another factor that affects predictability Of long -term contracts, something crucial for this industry. And he concludes that in the face of other competitive countries such as Paraguay, Peru, Colombia, Costa Rica and the Dominican Republic, Argentina loses competitiveness due to its highest cost structure.

“While in other countries there are special promotion regimes for the sector, In Argentina, labor and fiscal costs make the service morewhich remains the attractiveness for international investors and customers, ”he says in a talk with this medium.

For Serafini, if fiscal and economic conditions, “BPO’s industry in Argentina could recover its dynamism and generate more than 30,000 jobsas happened in the past. “Maybe in one not very distant.

The situation of the freelancers

Luis GaleazziExecutive Director of Argenconhe says that for some months it is observed in companies “A sensitive decline in employee rotation” This, according to the expert, suggests that the freelance mode of work “does not now have the same attraction as in 2023”, which is reasonable when linking “this change to the dollars in dollars of the salaries of formal jobs,” he says.

For its part, Diego Alejandro Berardovice president of the Argentine software industry chamber (Cessi) has a more optimistic look and slides that: “Despite the challenges, the Argentine technology sector demonstrates its potential and innovation capacity every day.”

And predict that in 2025 the software industry will grow in jobs, which will be occupied by national talents. “This potential is broad and diverse, and depends largely on the collaboration between the public, private and academic institutions,” he analyzes.

In this way, the lack of clear promotion policies and The high fiscal burden They denounce the experts limit the growth of these sectors. And to recover dynamism and take advantage of the potential of the industries offered by this economic field, it will be crucial to implement reforms that guarantee the sustainable future for these sectors and, with it, the generation of quality employment in the medium and long term.

But as one of the most influential consultants in the City has already warned: the combination of a country with fiscal surplus, the potential of Vaca Muerta – which could soon generate exports for more than US $ 15,000 million annually – and laundering as a mechanism To inject currencies in 2025 and face debt maturities, it forces to evaluate “seriously“The possibility that the real exchange rate appreciation cycle continues over time.