Argentina looks forward to economic reforms by Milei to boost its knowledge economy

In the first quarter of 2024, a recent study by Argencon, a business organization, revealed that 80% of surveyed companies in the knowledge economy sector anticipate an increase in exports as a result of President Javier Milei’s government’s focus on liberalization policies. Half of the respondents even expect export growth to exceed 10%. The survey included 28 companies from various industries within the knowledge economy sector, with most being from information technology and professional services.

In the past year, exports of knowledge-based services in Argentina reached US$8.06 billion, showing an annual increase of 8.8%. Looking ahead, many companies are optimistic about future growth opportunities and expect to see an increase in employment rates. Particularly optimistic are professional services companies, with over half expecting a growth rate of more than 10%. However, challenges such as difficult access to foreign currency and exchange rate volatility could hinder this growth potential.

Despite these challenges, Argencon’s president, Sebastián Mocorrea, believes that removing foreign exchange restrictions, stabilizing exchange rates, simplifying regulations and reforming labor markets will significantly enhance the competitiveness of the knowledge economy sector. This could lead to increased employment and exports in the coming years. Many companies are hopeful that demand for knowledge-based services in Latin America will continue to grow and potentially surpass global growth rates.

With these economic reforms implemented by President Milei’s administration, Argentine entrepreneurs remain hopeful that their businesses will be able to expand their reach globally through increased exports and higher employment rates. The focus on liberalization policies is expected to provide opportunities for growth in various sectors within the knowledge economy industry.

Overall, the study highlights that despite challenges faced by businesses in the knowledge economy sector such as limited access to foreign currency and regulatory complexity

By Aiden Johnson

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