Imbalanced growth and the debate about monetary policy

ARGENTINA - Report 08 Sep 2026 by Joaquin Cottani

Argentina has two problems at present: a growth problem and a money problem. Thirty two months into the Milei administration, real GDP growth has been unimpressive and imbalanced. There is scarce creation of quality employment, and real wages in formal economic activities are falling, as are per-capita consumption and real investment as a share of GDP. Most of these issues come hand in hand with the lack of depth—in pesos and dollars, but above all in pesos—of Argentina’s monetary and financial system, aggravated now by the increase in delinquencies in credit to the private sector. In this report, I delve into the issue of imbalanced growth, its social and political implications, and whether there is room for easing the current stance of monetary policy.

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