Recent Economic Developments: Glass Half Empty or Half Full?

The recent news on the economic front has been overall good. The recovery remains on track in line with the normalization of mobility indicators and a gradual reopening of different business that were affected by Covid-19. The parallel exchange rates remain calm, interest rates have stayed relative stable despite the rise of inflation, fiscal revenues are improving markedly and getting a boost from the export and wealth taxes, while there has been an improvement in the outlook for reserves thanks to the big rise in soybean prices, and new round of capital increase at the IMF.