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Argentina’s economy is again making headlines. In April, the nation named a new economic minister, Carlos Fernandez. His primary challenge: reign in inflation without derailing the South American country’s fast-growing economy.
Argentina, of course, is accustomed to economic tumult. In the 1990s, it endured hyper-inflation and then a full-blown economic crisis in 2001-2002. But prosperity returned to the country after former President Nestor Kirchner took office after the 2003 election. Since December 2007, his wife, Cristina, has served as President.
Some say it’s been a bumpy ride, however. Farmer’s for example, have taken to the street to demand better conditions and lower taxes. And inflation, once tamed, is now creeping upwards of 10 percent. These and other factors threaten to slow or even reverse gains achieved by Argentina’s working poor and middle class.
Amid this background, we turn to Horatio Werner, Cisco Country GM for Argentina, Uruguay and Paraguay, for insights. One metric he keeps an eye on? Broadband connections, which have increased sharply in Argentina of late. In fact, a recent survey of South American nations reveals that broadband adoption is growing in Argentina at a rate faster than anywhere else in South America. Today, one in four Argentine homes has broadband access. Overall, the rate of penetration per 100 residents is 6.6 percent. That’s more than in Brazil, Columbia and all other South American economies save Chile (8.8 percent.)
Werner believes several factors are driving growth, which Cisco is now monitoring via its Broadband Barometer. In this video, Werner explains why.
Werner, who joined Cisco eight months ago after serving in the nation’s trade ministry, managing his own business and working at Motorola, believes his country’s growth prospects remain very good despite recent tumult.
“Argentina has always been an early adopter when it comes to technology,” explains Werner. “We aren’t exactly a Greenfield opportunity like some Middle Eastern nations, but a country where there’s plenty of opportunity to revamp and renew [customers.]”