Juan Carlos de Pabloone of the economists Javier Milei listened to the most shared his view on the Argentine economy 2026with an approach that focuses on the daily dynamics of decisions and without closed long-term forecasts. In his definitions, he avoided anticipating rigid scenarios and emphasized that the economic context is characterized by permanent changes that require constant adaptation.
In this framework, he claimed that next year he would probably maintain a similar logic as 2025which he described as an “absolutely heterogeneous” time. As he explained, uncertainty is a structural part of the Argentine economy and determines the actions of the various actors. “People get up every day to see how they can find a way around the problem.“, he explained, emphasizing that there are no stable recipes or definitive forecasts that can be maintained over a long period of time.
For De Pablo, the country’s economic history is characterized by a “phenomenal dizziness”which forces economic actors not to be tied to current diagnoses. In this sense, he warned of the danger of being “slaves to what they said last week”, since the scenario could change in a very short time. Under this logic, he emphasized that decision-making is necessarily flexible and must constantly adapt to changes in the environment.
The economy as a process of constant adaptation
The economist delved deeper into his analysis and pointed out that the Decision making is “absolutely fluid”with few elements that can be considered relatively stable. Among other things, he mentioned what happened in the Midterm election and the meaning of Budget balancewhile the remaining variables remain open and subject to redefinition.
In this sense, he emphasized that the key is to understand the Argentine economic context adaptability. “Think about what we talked about ten days ago, what we are talking about today, and what we will be talking about in ten days,” he exemplified, reinforcing the idea that the public and economic debate is changing rapidly. For De Pablo, this fluidity is not an anomaly but a central feature of local functioning.
The economist also pointed out the possible impact of the program “Mattress Dollar”with the aim of promoting the entry of undeclared savings into the formal circuit. He believes that the impact of this measure will depend less on announcements and more on their implementation in practice, particularly with regard to the role of financial institutions.
The principle of fiscal innocence and the role of banks
De Pablo paid particular attention to the Principle of tax innocenceincluded in the bill recently passed in the Senate that aims to do so Reducing informality and expanding the tax base. In this context, he referred to the existing tensions between the Ministry of Economic Affairs and the banks around the concrete implementation of this initiative.
As he explained, the success of the program depends on the willingness of the financial system to facilitate the process. In this sense, he recalled that the Minister of Economic Affairs had explained the need to the banks Reduce procedures and barriers so that savers can mobilize their funds. For De Pablo, if the process is complex, the money will not enter the system.
Likewise, he warned that those who keep savings remain outside the formal circuit “They don’t really want to come in.”Therefore, the inclusion of these currencies will be gradual. In his vision, the process will take time and will depend on the terms and conditions being simple and clear. Otherwise, the funds will remain outside the financial system beyond the current legal incentives.
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