Argentine inflation: virtual reality

With politics again sparring with mathematics, Argentina’s Minister of Economy and Finance Alfonso Prat-Gay told the annual assembly of the Latin American Federation of Banks in Buenos Aires that in the last three months inflation has stood at 1.3% per month which, projected to the end of 2017, would translate to about 16% per year. “That’s below what we promised we would achieve by the end of next year,” he said. What Prat-Gay avoided saying to the mainly foreign audience is that the projections anticipate that inflation in 2016 – the first year of operations for his economic team – would be around 40%. Curiously, on the same day the minister made his remarks to the bankers, it was announced that […]


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Global Tourism Industry on Track for Full Recovery by 2024

The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]