As the government aims its artillery towards Mauricio Macri’s economic legacy, arguing it was even more damaging than the pandemic, the latest economic data shows how much the country has declined in the last three years.
The recession that began with Macri’s debt crisis in 2018 reached new depths with the start of the pandemic, and so far any sign of a bounceback has been very mild, only improving when compared with the strictest phase of the lockdown.
Data from the latest reports on economic activity by the Orlando Ferreres consultancy agency shows red across the board, with activity levels still declining at a similar rate than during the worst days of Macri’s administration, 9% in July 2020 when compared with the same month of 2019. Worryingly, the index continues to edge closer to the base levels of “100”, which represent the activity rates seen almost three decades ago in 1993.
Fernández’s team has pointed to some signs of optimism in the industrial sector, which has re-opened progressively over the last few months, but the data also suggests that the recovery is still below the levels of Macri’s recession, and even further from the decades’ average, though to be fair to Fernández the real economy has still not bounced to pre-pandemic levels in almost any other country in the world.