Argentina Economic Snapshot
Economic Forecast Summary (December 2021)
The economy is projected to expand by 2.5% in 2022 and 2.3% in 2023 against the backdrop of a strong recovery in 2021, declining COVID infections and an acceleration in vaccination rates. Private consumption and investment have been vigorous while high commodity prices have bolstered exports, with the current account now in surplus. Inflation has picked up and will remain high, in part because a large share of the fiscal deficit is monetised. Foreign currency reserves have declined. Unemployment has come down and formal employment has risen, but high labour informality remains a concern while poverty affects more than 40% of the population.
Reform Priorities (April 2021)
Going for Growth 2021 - Argentina
Improving conditions for businesses to thrive, compete and create quality jobs, while investing in skills of and opportunities for people should be high on the policy agenda. Economic hardship triggered by past macroeconomic crisis and by the pandemic has aggravated economic inequalities and highlighted the need for more effective social protection, including for vulnerable households whose livelihoods are outside the formal labour market.
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2021 Structural Reform Priorities
- Competition and regulation: Reduce barriers to trade and regulatory burdens
- Education and skills: Enhance outcomes and equity in education
- Labour market: Strengthen active labour market and training programmes, with a focus on women
- Social Protection: Reduce labour informality and strengthen social protection for all workers
- Tax system: Improve the efficiency of the tax system
Economic Survey of Argentina (March 2019)
Significant reforms have been undertaken since 2015 to strengthen growth and well-being, as reported in the 2017 OECD Economic Survey of Argentina. Access to international capital markets was restored, the credibility of national statistics was re-established and social protection was enhanced while cutting back on ineffective spending. A tax reform, a new competition law, improvements in the sustainability of the pension system, new legal frameworks for capital markets and for public-private partnerships, the creation of a new independent fiscal council and a commitment to strengthen the independence of the Central Bank followed.