The oldest statistical trick in the book is to label as growth what is really just a rebound after a massive output dip. That is exactly what has happened in Argentina, where the rapid economic rebound in 2021 came as no surprise and does not look especially healthy or sustainable.
SANTIAGO/BUENOS AIRES – Argentina has achieved a miracle in its economic response to the COVID-19 crisis, the Nobel laureate economist Joseph E. Stiglitz claimed in a recent commentary. The white knight in this saga, according to Stiglitz, is President Alberto Fernández, who inherited a mess on taking office in late 2019 and introduced policies that spurred high growth and a rebound in employment and investment. Stronger activity, coupled with higher and more progressive tax rates and a debt exchange in 2020, in turn improved the public finances.
SANTIAGO/BUENOS AIRES – Argentina has achieved a miracle in its economic response to the COVID-19 crisis, the Nobel laureate economist Joseph E. Stiglitz claimed in a recent commentary. The white knight in this saga, according to Stiglitz, is President Alberto Fernández, who inherited a mess on taking office in late 2019 and introduced policies that spurred high growth and a rebound in employment and investment. Stronger activity, coupled with higher and more progressive tax rates and a debt exchange in 2020, in turn improved the public finances.