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Micro lessons for Argentina
Macroeconomic reform in Latin America has failed to promote sustained economic growth—a failure that has led to one financial crisis after another, in Mexico, Brazil, and, now, Argentina. Why? McKinsey's analysis of the Argentine economy reveals that barriers at the micro level are distorting competition, protecting outdated business practices, and holding back labor productivity and economic growth.
The take-away: The traditional focus on macroeconomics must be complemented by detailed and pragmatic microeconomic reform if the region is to achieve lasting prosperity and economic stability.
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