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LatinNews Daily - 06 August 2021

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In brief: Argentina’s economy minister sees signs of recovery

* Argentina’s economy minister, Martín Guzmán, has said that the country’s economy has started to “recover and at a faster pace than the other countries in the region” from its economic crisis that predates the coronavirus (Covid-19) pandemic, but which was exacerbated by it. Guzmán’s remarks come after Argentina’s national statistics institute (Indec) reported that economic activity in the construction increased by 28.6% year-on-year in June, while that activity in the industrial sector increased 19.1% over the period. Alluding to these indicators, Guzmán emphasised the importance of “a balanced recovery in which consumption plays an important role, but investment also grows because it sets the conditions for greater productive capacity in the future and allows the recovery to be sustained over time”. He highlighted the industrial sector’s key role in this recovery, without which he says there can be “no future”. The United Nations Economic Commission for Latin America and the Caribbean (Eclac) forecasts that Argentina’s GDP will grow 6.3% this year following a 9.9% contraction in 2020. Eclac’s growth forecast is above the 5.2% GDP growth prediction for the region as a whole this year.