Economist Rodolfo Santangelo proposed the need to relaunch the economic program to break the stagnation of activity and combat inflation, which he described as remaining at inertial levels that are difficult to reduce. Santangelo also stated that this inflationary level hinders the recovery of incomes. "With 30% annual inflation, it is very difficult for the population's real incomes to recover," he noted, and recalled that real wages have not yet recovered after the falls recorded in recent years. Another factor that, according to his diagnosis, complicates the recovery is the high demand for dollars by the public. "We are in a situation where people consume less food or durable goods to buy dollars," he stated, and emphasized that "people's dollar purchases are very high, and it is very difficult to achieve solid results when that happens." In his opinion, this portfolio dollarization "is an obstacle" to consolidating disinflation and reactivation. According to Argentine News Agency, the analyst also questioned the timing of the economic process and warned about political and social wear and tear. "The question of when is not minor for political, social, and economic patience," he expressed, and added that "accelerating the timeline and altering expectations is to relaunch an economic program". Credit on pause: they warn of a brake on peso loans to the private sector and an increase in delinquency. Regarding fiscal policy, Santangelo maintained that the balance must be maintained as a central condition, although he warned that mechanisms that weaken it have begun to appear. "To maintain that fiscal balance, you have to start doing things that have short legs," he indicated, and mentioned "little tricks, those little tricks of 'I don't have it and it's not enough for me, so I owe you,'" in reference to payment delays and obligations. Finally, the economist insisted that the economic program requires adjustments without abandoning fiscal discipline. "Relaunching does not mean going backwards; the fiscal balance continues to be a non-negotiable condition," he affirmed, although he concluded that the current strategy "needs to break expectations and accelerate disinflation and the level of activity." As he explained, the strategy should "build on the achievements obtained but add additional spices" with the objective of accelerating disinflation and improving the level of activity. Santangelo emphasized that the monthly inflation rate has been hovering around 2.5% for more than a year and a half, which configures an inertial process. "We don't fully understand in which circle the inflation rate is, it has been giving 2.5 monthly for 18 months," he indicated in dialogue with Splendid AM 990. Although he highlighted the fiscal balance as the main achievement of the management, he stated that this anchor is insufficient if expectations are not modified and real income is not recovered. "The economic plan needs to be relaunched, especially if you have more ambitious goals," the analyst stated, pointing out that the economy is going through a prolonged stagflation. In this sense, he added that "if it gives 2.5, it will continue to give 2.5, and if it gives 3, it will continue to give 3," warning about the self-reinforcement of expectations. The real income of the population is increasingly being punished.
