• Tue. May 28th, 2024

From Exports to Employment: How President Milei’s Policies Boost Optimism in Argentina’s Knowledge Economy Sector

BySamantha Nguyen

Mar 25, 2024
Argentina looks forward to economic reforms by Milei to boost its knowledge economy

In the wake of President Javier Milei’s administration, Argentine entrepreneurs are optimistic about the economic reforms that they believe will positively impact the country’s employment rates and exports in the knowledge economy sector. A recent study by Argencon, a business organization, showed that 80% of surveyed companies anticipate an increase in exports as a result of the government’s focus on liberalization policies. Half of the respondents even expect export growth to exceed 10%.

The survey, conducted in the first quarter of 2024, included 28 companies from the knowledge economy sector. The majority of respondents were from information technology and professional services industries, with smaller representations from marketing, audiovisual services, bioscience, and other areas. According to a report from the first half of 2023, exports of knowledge-based services in Argentina reached US$8.06 billion, showing an annual increase of 8.8%.

Looking ahead to future prospects, 70% of respondents anticipate a growth in employment rates, with over half of them expecting growth over 10%. Professional services companies are particularly optimistic about this trend, with 33% foreseeing growth over 20%. However, challenges such as difficult access to foreign currency and exchange rate volatility could hinder progress. Regulatory complexity and limitations on paying salaries in US dollars also pose potential obstacles to growth.

Despite these challenges, Argencon’s president Sebastian Mocorrea believes that removing foreign exchange restrictions and stabilizing exchange rates will enhance competitiveness in the knowledge economy sector. Simplifying regulations and implementing labor market reforms could also lead to increased employment and exports in coming years. Many companies are hopeful that demand for knowledge-based services in Latin America will continue to grow at potentially faster rates than global growth rates.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

Leave a Reply