80% of Companies Optimistic about Economic Reforms in the Knowledge Economy Sector, Predicting Export Growth and Employment Opportunities

Anticipated economic reforms by Milei set to boost Argentine knowledge economy

In a recent survey conducted by Argencon, a business organization, 80% of the companies surveyed expressed optimism about the economic reforms implemented by President Javier Milei’s administration. These changes, they believe, will lead to increased employment opportunities and boost exports in the knowledge economy sector.

The study included 28 companies in the knowledge economy and showed that half of the respondents expected export growth to exceed 10%. Most of the companies surveyed were from the information technology sector, professional services, marketing, bioscience, bioeconomy, and other areas. Data from the first half of 2023 revealed that knowledge-based services exports had reached $8.06 billion, representing an annual increase of 8.8%.

Furthermore, 70% of respondents anticipate an increase in employment opportunities with more than half projecting growth of over 10%. Professional services companies are particularly optimistic with 33% expecting growth of more than 20%. However, access to foreign currency and the absence of exchange rate unification were highlighted as major challenges by the respondents.

Argencon’s president Sebastián Mocorrea stated that eliminating foreign exchange restrictions stabilizing exchange rates simplifying regulations labor market reforms will enhance international competitiveness in knowledge-based services sectors. This move will lead to significant increases in employment and exports. Regulatory complexity issues related to digital talent English skills were also identified as obstacles by respondents.

Looking ahead 45% of those surveyed believe that market demand for knowledge-based services in Latin America will align with global growth rates while another 45% anticipates a higher demand. The overall sentiment among entrepreneurs is one of cautious optimism as they look forward to positive impacts on their sector from economic reforms implemented by President Milei’s administration

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