Argentina 2014 Blog: Economy Minister Axel Kicillof
Argentina's Economy Minister Axel Kicillof gave an overview of the country's economic challenges and gains.
Axel Kicillof, Argentina's economy minister, gave an overview of Argentina's economic scenario in the context of the 2008 crisis in the United States, noting that after the recession spread to Europe, emerging markets are even more vulnerable. Plus, Argentina has faced challenges in boosting exports in the face of weak global demand, he added. Still, what the country needs is to expand formal jobs, which is key for social inclusion, he said.
"La economía mundial no arranca. En Argentina no estamos adentro de un termo". Kicillof en #CouncilARG14 @ASCOA
— Hernán Mundo (@HernanMundo) August 28, 2014
In addition, Kicillof touched on Argentina's debt, noting that the country has worked to reduce its external debts.
Kicillof #CouncilARG14: "Argentina en 2001 tenía una relación entre deuda y producto de 166%; hoy es del 40%" pic.twitter.com/yWzOBjzOl3
— Diario Pulse (@DiarioPulse) August 28, 2014
The minister also commented on the country's energy sector and YPF's performance.
Kicillof comments on YPF’s performance; says it has had better performance under state control than under Repsol. #CouncilARG14
— AS/COA Online (@ASCOA) August 28, 2014
Kicillof noted that with economies, expectations can become self-fulfilling prophecies. Pessimism matters, he said; if everyone thinks things will go badly, they will.
"Si todo el mundo piensa que la cosa va mal, va a ir mal". Siga a Kicillof en el cierre de #CouncilARG14 http://t.co/y0n24G7XsZ
— AS/COA Online (@ASCOA) August 28, 2014
Watch the minister's presentation: