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ArgentinaCEO’s Guide to The Economy

3Q 2021

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CEO’s Guide to The Economy 2

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CEO’s Guide to The Economy 4

Why long-term economic growth?

To Improve the Living StandardHow to grow the economy in the long run?

Increase these 3 factors

Population (Labor)

Capital

Idea

The Long View: the Why and How of Economic Growth

Gross Income

Per Capita Income

Living Standard

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CEO’s Guide to The Economy 5

Short-term Objective: Balancing Growth and Stability

Inflation

Exchange Rate

BOP / External Debt

Private Consumption (C)

Public Consumption (G)

Growth Stability

Investment (I)

Net Export (X-M)

Fiscal Balance

Financial System

Employment

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CEO’s Guide to The Economy

• What is the size of Argentina’s economy?

• What is the size of Argentina’s population?

• What is the demographic structure of Argentina? Is it favorable for economic growth?

• How has the structure of GDP changed over the years?

• How much does Argentina’s economy rely on external trade?

• Economic Freedom Index: How free is Argentina’s economy?

• How competitive is Argentina?

• How are Argentina’s competitive factors compared to those of other countries?

• How is the minimum wage in Argentina compared to others in the region?

• How has labor productivity in Argentina changed over the years, and in relation to comparable countries?

• Is it easy to do business in Argentina?

• How good is Argentina in attracting Foreign Direct Investment?

• What is the level of income for an average person in Argentina?

• What is the poverty rate in Argentina, and how does it compare to others?

• How has the unemployment rate in Argentina changed over recent years?

• How is income distributed in Argentina, and how does it compare to others?

• What is the current level of human development in Argentina?

• How has the quality of life changed over the years?

• How many SDG has Argentina achieved to date?

• What has been the growth rate of Argentina’s economy over the past ten years, and how does it compare with others?

• What were the key growth drivers for Argentina’s economy in the last year?

• How much does each sector contribute to the overall growth?

• What is the GDP growth rate in the latest quarter?

• What are the latest signals from the leading indicators?

• What is the growth outlook for Argentina’s economy, and how does it compare with others?

• How early can the economy reopen from the Covid crisis?

• What is the risk of inflation over the next 12 months?

• What is the latest move on Argentina’s monetary policy?

• What is the health of Argentina’s banking sector?

• What has been the trend in Argentina’s fiscal budget deficit?

• Balance of Payment: Where are the key risks?

• Does Argentina have enough international reserves to service its debt and for import?

• What is the FX risk? How has the currency performed compared to others?

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The Charting Economy Framework©

Understand Any Economy in 30 Questions or Less

Economic Structure Competitiveness Development Economic Growth Macro Risks

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The Long View The Short View

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CEO’s Guide to The Economy

Official name: Argentine Republic

Brief history• In 1816, the United Provinces of the Rio Plata declared their independence from Spain. After Bolivia, Paraguay, and Uruguay went their separate ways,

the area that remained became Argentina

• The country's population and culture were heavily shaped by immigrants from throughout Europe

• Up until about the mid-20th century, much of Argentina's history was dominated by periods of internal political conflict between Federalists and Unitarians

and between civilian and military factions

• After World War II, an era of Peronist populism and direct and indirect military interference in subsequent governments was followed by a military junta

that took power in 1976

• Democracy returned in 1983 after a failed bid to seize the Falkland Islands (Islas Malvinas) by force, and has persisted despite numerous challenges

7

Government

Government type: presidential republic

Capital: Buenos Aires

Currency: Argentine peso (ARS)

Chief of state: President Alberto Angel FERNANDEZ (since 10

December 2019)

Head of government: President Alberto Angel FERNANDEZ (since

10 December 2019)

Cabinet: Cabinet appointed by the president

Elections:• president and vice president directly elected on the same ballot by

qualified majority popular vote for a 4-year term (eligible for a second

consecutive term)

• election last held on 27 October 2019 (next to be held in October 2023)

Geography

Area: 2,780,400 sq km (#8 in the world)

Land boundaries:Bolivia 942 km, Brazil 1,263 km, Chile 6,691 km, Paraguay 2,531 km,

Uruguay 541 km

Land use (2011est.):

• agriculture: 53.9%

• forest: 10.7%

• other: 35.4%

Irrigated land: 23,600 sq km (2012)

Freshwater withdrawal per capita: 864.9 cu m/yr

Natural resources:

fertile plains of the pampas, lead, zinc, tin, copper, iron ore, manganese, petroleum, uranium, arable land

Source: CIA World factbook

Population and society

Population:

45,864,941 (July 2021 est.)

Ethnic group:European (mostly Spanish and Italian descent) and Mestizo (mixed

European and Amerindian ancestry) 97.2%, Amerindian 2.4%, African

0.4% (2010 est.)

Language:

Spanish (official), Italian, English, German, French, indigenous

(Mapudungun, Quechua)

Religions:nominally Roman Catholic 92% (less than 20% practicing), Protestant 2%,

Jewish 2%, other 4%

Working age population (15-64 yr): 63.9%

Population growth rate: 0.84% (2021 est.)

Argentina

ECONOMYCharting

CEO’s Guide to The Economy

1. Economic Structure2. Competitiveness

3. Economic Development

4. Economic Growth

5. Macro Risks

Appendix 1: IMF’s forecast

Appendix 2: Doing Business

Part of the country’s economic profile, economic structure section gives readers useful views to understand economic fundamental and determine what matters for the country’s

economy

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What is the size of Argentina’s economy?

What is the size of Argentina’s population?

What is the demographic structure of Argentina? Is it

favorable for economic growth?

How has the structure of GDP changed over the

years?

How much does Argentina’s economy rely on external

trade?

Economic Freedom Index: How free is Argentina’s

economy?

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CEO’s Guide to The Economy 9

What is the size of Argentina’s economy?

Argentina is the third largest economy in Latin America behind Brazil and Mexico

Source: IMF World Economic Outlook Database April 2021

Note: (*) IMF Estimate

1,434

1,076

388

271

253

204

97

96

79

77

61

56

53

47

39

Brazil

Mexico

Argentina*

Colombia

Chile

Peru

Ecuador*

Puerto Rico*

Dominican Republic*

Guatemala*

Costa Rica*

Uruguay*

Panama*

Venezuela*

Bolivia*

36

25

24

22

14

14

12

11

6

4

2

2

2

1

1

Paraguay*

El Salvador*

Honduras*

Trinidad and Tobago*

Haiti*

Jamaica*

Nicaragua*

The Bahamas*

Guyana*

Barbados*

Suriname*

St. Lucia*

Belize

Antigua and Barbuda*

Grenada*

Latin America and the Caribbean Economies2020, Top 30, USD billion, Market Exchange Rate

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CEO’s Guide to The Economy 10

What is the size of Argentina’s population?

Population in Argentina of around 45.9 million is the 4th largest in the region

Source: CIA World Fact book, UN’s World Population Prospects: The 2019 Revision

213.4

130.2

50.4

45.9

32.2

29.1

18.3

17.1

11.8

7.3

3.4

Brazil

Mexico

Colombia

Argentina

Peru

Venezuela

Chile

Ecuador

Bolivia

Paraguay

Uruguay

Population GrowthAvg. Annual Rate of Change, Medium fertility, 2020-2025

PopulationSelected Countries, Million, July 2021 est.

0.599%

0.962%

0.437%

0.864%

0.916%

2.035%

0.130%

1.207%

1.318%

1.158%

0.299%

ECONOMYCharting

CEO’s Guide to The Economy 11

America: USD 1800 (74% saving)Argentina (4) Bolivia (2) Brazil (4) Canada (4)

Chile (4) Colombia (4) Costa Rica (2) Ecuador (2)

El Salvador (2) Honduras (2) Mexico (4) Panama (2)

Paraguay (2) Peru (4) United States (4) Uruguay (4)

Asia Pacific: USD 2500 (77% saving)Australia (4) Azerbaijan (2) Bangladesh (2) Brunei (2)

Cambodia (2) China (4) Hong Kong (4) India (4)

Indonesia (4) Japan (4) Kazakhstan (2) Laos (2)

Malaysia (4) Mongolia (4) Myanmar (2) Nepal (2)

New Zealand (4) Pakistan (2) Philippines (4) Singapore (4)

South Korea (4) Sri Lanka (4) Taiwan (4) Thailand (4)

Vietnam (4)

Europe: USD 4100 (77% saving)Albania (4) Armenia (4) Austria (4) Belarus (4)

Belgium (4) Bosnia and Herzegovina (4) Bulgaria (4) Croatia (4)

Cyprus (4) Czech republic (4) Denmark (4) Estonia (4)

Finland (4) France (4) Georgia (4) Germany (4)

Greece (4) Hungary (4) Iceland (4) Ireland (4)

Israel (4) Italy (4) Latvia (4) Lithuania (4)

Luxembourg (4) Malta (4) Netherlands (4) Norway (4)

Poland (4) Portugal (4) Romania (4) Russia (4)

Serbia (4) Slovakia (4) Slovenia (4) Spain (4)

Sweden (4) Switzerland (4) Turkey (4) Ukraine (4)

United Kingdom (4)

Middle East and Africa: USD 2500 (76% saving)Algeria (2) Bahrain (2) Benin (2) Botswana (2)

Cameroon (2) Cote d'Ivoire (2) Egypt (2) Ethiopia (2)

Ghana (2) Guinea (2) Jordan (2) Kenya (2)

Kuwait (2) Mauritius (2) Morocco (2) Nigeria (4)

Oman (2) Qatar (2) Rwanda (2) Saudi Arabia (2)

Senegal (2) South Africa (4) Tanzania (2) UAE (2)

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