LA NACION +cerca debuted a new video podcast with an unmissable talk on the economy that comes after the official victory in October’s legislative elections. Interviewed by Florence Donovan, Claudio Zuchovici He spoke about economic revitalization in Argentina, advised on places to invest and expressed his opinion on the tax reform being prepared by the government.
Could Argentina be different?
- “No one has any idea if this time will be different. My experience so far is that we always make mistakes. I don’t know if it will be different, but it will determine the position I will take from now on.”
- “It’s the first time I’ve seen us Argentines agree on the path. We discuss shapes, we discuss speed, but not the path. This is different from what I experienced.”
- “(Before) they treated us like gorillas if we said the fiscal deficit was bad. We had to say that the monetary issue generates inflation. I saw you discussing on programs that the monetary issue generates inflation and you had to explain that. Now, no.”
- “It’s the first time it occurs to me that we start talking about microeconomics. You’ve never talked before in your life about the possibility of labor market reform.”
The next economy
- “For me, 2026 will be the year of battle in the real economy. You won’t ask me about the exchange rate gap, you won’t ask me about the exchange rate, you won’t ask me about inflation, you won’t ask me about macroeconomics. Macroeconomics moves to level two.”
- “Will this micro be universal for everyone? No. It will be very different (…) It depends on what you do.”
- “Whoever makes the best product or imports the best product at the best possible price and quality – Milton Friedman’s famous phrase – seems to me to be the winner. I will have to take a hard look at that.”
Move to a new model
- “The company does not contain you today. Employment may also change the way we see things, but it is not because of the government. It is happening everywhere in the world, because of technological change.”
- “Today we are 28 million Argentines with legal capacity to work, between the ages of 18 and 65. 6 million work in the private sector. What will we stand for?”
- “In economics I have always learned to determine when something is transient or permanent. If it is transient, I resist it because it will change (…) and I will not change my entire structure because of a regulation. If it is permanent, then I have to change.”
Investments and financing
- “(When investing) I’ve learned to divide into three: one-third fixed income, one-third variable income, and one-third always liquid, to have on hand not because it’s scary, but to be fairly liquid when a big opportunity and crisis arises.”
- “A serious company doesn’t talk about politics. “We are outside the scope of government. We will not change with every government. Do you know who talks to you about politics? The company that needs a franchise, the company that needs support.
- “I don’t know if it will be different this time, but I think we have a great opportunity (…) Now we as the capital market are forced to look for companies.”
Impact on the real economy and deferred tax reform
- “Those who live in AMBA all their lives have been subsidizing us (energy, transport, social work). So, the real salary has gone up. Your salary has increased more than inflation, but your disposable salary has been destroyed, because now you pay twice as much for energy and health. But, did you know? 70 km or 80 km from the federal capital, these subsidies did not exist at all.”
- “(The upcoming tax reform) depends on Congress. I think the intent is very good. The simple reason is to go toward reverse co-participation — that combines well for the district and shares well for the nation.”