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[Micro Feature: Investment and Consumption] Argentina to Expand Export Incentive Plan

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On the 23rd, Argentina announced that it would expand the scope of its export stimulus plan and extend it for one month from the next day. According to the preliminary vote count released on the same day in Argentina's presidential election, the current Minister of Economy, Sergio Massa, took the lead and entered the second round of voting. According to Reuters, the above plan was previously only aimed at exporters of soybeans and their derivatives, and will now be open to all export sectors. Massa said at a press conference with foreign journalists that this measure will take effect on the 24th, and Argentine agricultural export companies will be able to enjoy preferential policies on foreign currency exchange. Massa also stated that he will promote budget reform in 2024, achieving a basic fiscal surplus of 1% of gross domestic product (GDP), while according to previous predictions, Argentina's deficit will account for 0.9% of GDP. According to him, the fiscal surplus will come from budget cuts and tax incentives approved by Congress. According to Reuters, Massa took office as the Minister of Economy more than a year ago and experienced Argentina's worst economic crisis in 20 years. The Argentine National Institute of Statistics and Census released a report on the 12th, stating that Argentina's inflation rate in September was 12.7%, the highest level in a single month since February 1991. The cumulative inflation rate in the past 12 months has reached 138.3%, and the cumulative inflation rate since the beginning of this year is 103.2%. The market expectation survey report released by the Central Bank of China in September predicts that the country's inflation rate will reach 169.3% in 2023. The preliminary vote results released by the Argentine National Election Commission in the early morning of the 23rd showed that no candidate was directly elected in the presidential election held on the 22nd. The candidate for the centre-left ruling coalition, the National League of Nations, the current Economy Minister Massa, and the candidate for the far-right electoral coalition, the "Free Forward Party" and Congressman Javier Mille, entered the second round of voting. Argentina's international sovereign bond prices and stock market fell on the same day. (Liu Xi)
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