Argentina: A good microeconomic performance but bad macroeconomic policy

摘要

The Argentinean steel market has recovered well in the past two years but it seems domestic steel companies will not benefit as they face disincentives to invest to meet the growing demand due to poor macroeconomic forecasts as government statistics prove unrealistically optimistic.IN a previous Update in 2009, it was stated that three investments in Argentina - to be carried out by Gerdau, Vetoriai and Ternium Siderar - were announced but then postponed in late 2008 as a consequence of the global financial turmoil (STI, March 2009, p 16). At that time, the industry moved from 'heaven to hell' in just a few days. This article looks at what has happened since 2008.