December 14, 2017

Macri: 12 months on

Friday, December 9, 2016

Macri recognises ‘anxiety’ created high expectations

President Mauricio Macri, who took office last December after a campaign in which he promised to attract a wave of private investment, said last Saturday his government had generated excessively high “expectations” for his first year among his voters.

Macri campaigned on a free-market platform, and upon taking office unwound some of the signature policies implemented by his predecessors, loosening price controls, devaluing the peso, and cutting regulations shortly after being sworn-in.

But the economy is still struggling to pick up pace, while elevated inflation is biting into the wages of workers.

“Perhaps in the frenzy of last year’s campaign, the expectations of all of this ... generated an outlook of magical change and I think we have to get ourselves away from that,” Macri said at a press conference in the coastal city of Chapadmalal, during a retreat with his Cabinet.

“One must know how to manage timing well, and sometimes when anxious one makes an error with timing,” he added.

Last week, the INDEC statistics bureau said the nation’s industrial production contracted eight percent in October from the same month a year earlier, marking the sharpest monthly drop in activity so far in 2016. The Argentine construction sector performed particularly poorly, dropping 19.2 percent in annual terms.

The bureau’s data was heavily questioned by international organisations during former president Cristina Fernández de Kirchner’s time in office, but the Macri administration has worked to alter its approach.

Herald with Reuters

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