Economist Gonzalo Martínez Mosquera analyzed Argentina's latest economic activity data, noting unexpected but uneven growth. He warned of labor precarization and questioned the official remonetization strategy. He proposed lowering taxes and allowing a temporary primary deficit to revive the economic circuit.
In an interview with Canal E, economic analyst Gonzalo Martínez Mosquera addressed recent activity indicators, such as the EMAE, which showed 5% year-over-year growth and 0.5% monthly, an unexpected result even for experts. However, he expressed doubts about the indicator's methodology and noted that the economy is barely recovering 2022 levels, describing a rebound pattern repeating for 15 years: “we are at the same ceiling we reached in 2022, rebounding for 15 years”.
Martínez Mosquera highlighted sectoral disparity as a key concern. “The sectors that are growing are those that generate the least employment,” he explained, while areas like commerce, industry, and construction remain weakened. This, combined with increasing migration to precarious jobs in mobility apps—“a lot of people are entering to work in those applications”—illustrates labor market tensions and unemployment risks.
Faced with this scenario, the analyst emphasized the urgency of remonetizing the economy: “the economy needs more pesos to function,” as a lack of monetary mass reduces productive capacity. While agreeing with the government on the need to inject pesos, he criticized the approach of issuing to buy dollars from the Central Bank, deeming it insufficient. Instead, he recommended “lowering taxes and in that way monetizing,” freeing resources that return to the economic circuit. Additionally, he advocated for a temporary primary deficit: “we need to have a primary deficit,” because its absence is “damaging the economy.” He clarified that it does not mean increasing public spending, but collecting less to avoid monetary strangulation.
He cited examples like the Whirlpool closure and rejected restrictive proposals from the industrial sector, advocating for tax relief to stimulate activity.