Argentina's automakers see Macri taking time to reboot economy
- 8 years ago
Nov 25 Argentina's automakers said on Wednesday the reforms promised by president-elect Mauricio Macri would take a while to bear fruit in Latin America's third largest economy and they expected their sector to remain stagnant throughout the first half of 2016.
Argentina's car industry has struggled in recent years due a stagnant domestic economy and a regional slowdown, particularly in main trading partner Brazil.
Further challenges under President Cristina Fernandez were an overinflated currency, additional tax on luxury cars and trade controls that have made it hard to import necessary parts for manufacturing.
Macri, who won Sunday's presidential election, has promised to reboot the domestic economy by dismantling outgoing Fernandez's web of protectionist controls, cutting taxes and freeing up the peso.
Argentina's car industry has struggled in recent years due a stagnant domestic economy and a regional slowdown, particularly in main trading partner Brazil.
Further challenges under President Cristina Fernandez were an overinflated currency, additional tax on luxury cars and trade controls that have made it hard to import necessary parts for manufacturing.
Macri, who won Sunday's presidential election, has promised to reboot the domestic economy by dismantling outgoing Fernandez's web of protectionist controls, cutting taxes and freeing up the peso.