The 2021 economic recovery will consolidate this year with an expected growth of 4%which will represent the second consecutive year of GDP expansion since 2011according to an official report made by the INDEC and the Ministry of Labor.
“For 2022, a growth of around 4% is expected, which would mean the second consecutive year of growth, which had not happened since 2011,” highlights the work to which Télam had access.
The report reviews the improvements that occurred in the main variables of the economy during the past yeara period that registered a “faster than expected recovery”.
“During 2021, a notable improvement was observed in the conditions of the labor market. The unemployment rate fell to 7% of the economically active population (PEA), the lowest since 2015,” the work indicates.
Regarding investment and consumption, it is indicated that “productive investment was the component of demand that grew the most (33% compared to 2020 and 16% compared to 2019), while private consumption is already 2% above from late 2019 levels.”
This growth process occurs in a context of convergence of the main macroeconomic variables: 2021 was the second consecutive year with a current account surplus, while the primary deficit went from 6.4% in 2020 to 3% in 2021.
In these two years one of the central axes of economic policy “has been the management and negotiation of public debtwhich last year was reduced to 80% of GDP, after the maximum of 103%”.
Regarding the evolution of foreign trade, it is recalled that last year “exports of goods grew 42% compared to 2020 and 20% compared to 2019.”
“With US$ 77,935 million in exports, 2021 was the third best year in history, only surpassed by 2011 and 2012,” the work states.
After acknowledging that inequality, poverty and indigence are problems that the pandemic has exacerbated, the report highlights that “poverty fell to 37.3% of the population, almost 5 percentage points less than that observed in the second half of 2020” .
“We know that the acceleration of inflation in recent weeks has a significant impact on the income of the most humble, that is why economic policy has price stabilization as a priority,” the document states.
Finally, it is noted that “real wages are undergoing a gradual recovery process, with a real rise of 3% during 2021.”
