“The country will grow the day we stop fighting”
Visión Misionera interviewed Jorge H. Brito, where the CEO of Banco Macro, spoke at length on what happened in 2016.
Jorge Brito, in charge of Banco Macro, stated in the interview that “We have to think, in an obsessive way, in the long-term, there is where the future is built”, he also added that “The country will grow the day we stop fighting. Argentina has an infernal need to implement public works projects, in every sense; in railways, in routes, in infrastructure in general”.
Assessing what the year 2016 left, Jorge Brito explained that “The agricultural sector, with the devaluation deriving from the foreign exchange liberalization and the elimination of the withholding taxes, has seen a significant improvement in the exchange rate, now certainly more competitive than the one in the immediate past. There are signs of recovery that will translate into an increase in production and in exports. This improvement fails to reach the industry which has been registering significant falls in the year-over-year measurements. The year went by and there was no flurry of investments. Will 2017 be the year we expect? The flurry of investments is not a climatic phenomenon. There will be a flurry if the conditions are created for the investment projects to be developed with the hypothesis that it is possible to reach reasonable rates of return. The Government has to create the conditions so the ones that have the decision power are convinced that this is possible. Although it started with two auspicious facts with favourable consequences, such as the aforementioned foreign exchange liberalization and the solution of the holdouts problem, the reality is that the year is ending and it has not been possible to create an atmosphere of confidence more conducive for the investors”.
In terms of the expectations of growth for this coming year, Jorge Brito stated that “(…) we hope that the Government will know how to improve the expectations of the economic agents, providing strong signals regarding the reduction and control of the fiscal deficit, which is certainly the most serious problem that the previous administration has left. I believe there are plenty of capitals in midstream, that have already detected Argentina in its radar, but that still need more assurance to enter fully into our economy”.
These are some of the statements made by the leader of Banco Macro in his interview with Visión Misionera. For the complete interview click here.