{"id":29630,"date":"2026-10-07T21:30:28","date_gmt":"2026-10-08T00:30:28","guid":{"rendered":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=29630"},"modified":"2026-10-07T21:30:28","modified_gmt":"2026-10-08T00:30:28","slug":"carlos-melconian-el-ano-que-viene-sera-chivo-el-gobierno-juega-en-un-terreno-defensivo-porque-no-quiere-conflictos-financieros","status":"publish","type":"post","link":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=29630","title":{"rendered":"Carlos Melconian: \u201cEl a\u00f1o que viene ser\u00e1 chivo, el Gobierno juega en un terreno defensivo porque no quiere conflictos financieros\u201d"},"content":{"rendered":"<div class=\"ai-tools\"><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-listen\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M14.99 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9.29411 14.98 9.26413 14.98 9.24415L14.99 9.22417Z\" fill=\"#e46211\"><\/path><path d=\"M5.08646 8.4948C5.04645 8.18507 4.74634 7.98525 4.45623 8.06518C4.21615 8.13512 4.0761 8.32495 4.0761 8.60471C4.0761 9.40401 4.0761 10.2133 4.0761 11.0126C4.0761 11.8119 4.0761 12.6312 4.0761 13.4505C4.0761 13.8401 4.44623 14.0899 4.78635 13.9401C5.03644 13.8301 5.10647 13.6203 5.10647 13.3606C5.10647 11.8019 5.10647 10.2333 5.10647 8.67464C5.10647 8.6147 5.10647 8.55475 5.09646 8.4948H5.08646Z\" fill=\"#e46211\"><\/path><path d=\"M11.2587 8.08516C11.0386 8.16509 10.9185 8.36492 10.9185 8.66465C10.9185 10.2333 10.9185 11.8119 10.9185 13.3805C10.9185 13.4405 10.9185 13.4904 10.9285 13.5504C10.9586 13.7902 11.1686 13.98 11.4087 13.99C11.7188 14 11.9489 13.7802 11.9489 13.4405C11.9489 12.6412 11.9489 11.8319 11.9489 11.0326V10.1933C11.9489 9.65379 11.9489 9.10427 11.9489 8.56474C11.9489 8.19506 11.5888 7.95527 11.2587 8.08516Z\" fill=\"#e46211\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Escuchar<\/span><\/button><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-keypoints\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M5.99679 1H12.4609C13.0887 1 13.6 1.52731 13.6 2.17489V13.8251C13.6 14.4727 13.0887 15 12.4609 15H3.53913C2.91126 15 2.39999 14.4727 2.39999 13.8251V9.19802V4.57092L5.99679 1Z\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M2.39999 5.38502H6.94416V3.94555V1\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M10.491 12.2L5.50657 12.2C5.32834 12.2 5.2037 11.8667 5.20008 11.517C5.19587 11.1484 5.32111 10.8 5.50657 10.8L10.4813 10.8C10.6632 10.8 10.795 11.105 10.7998 11.4804C10.8047 11.8341 10.6842 12.2 10.491 12.2Z\" fill=\"#e46211\"><\/path><path d=\"M10.491 9.4L5.50657 9.4C5.32834 9.4 5.2037 9.0666 5.20008 8.71694C5.19587 8.34831 5.32111 8 5.50657 8L10.4813 8C10.6632 8 10.795 8.30494 10.7998 8.68035C10.8047 9.03408 10.6842 9.4 10.491 9.4Z\" fill=\"#e46211\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Puntos clave<\/span><\/button><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-summary\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M10.1798 2.50989H2.00488C1.45082 2.50989 0.999667 2.97515 0.999667 3.54653V13.8259C0.999667 14.3973 1.45082 14.8626 2.00488 14.8626H9.87772C10.4318 14.8626 10.8829 14.3973 10.8829 13.8259V9.74329V8.13118\" stroke=\"#e46211\" stroke-width=\"1.5\" stroke-miterlimit=\"10\"><\/path><path d=\"M10.1892 0.937134C10.6648 0.938475 11.1562 1.16366 11.4167 1.62561C11.55 1.86167 11.6275 2.09395 11.6863 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7.3487 6.17847 7.27405C5.75409 7.12455 5.32309 6.86818 5.22729 6.30334C5.147 5.82785 5.20205 5.46325 5.37769 5.1842C5.55162 4.90818 5.8236 4.74853 6.1062 4.63733C6.38303 4.52841 6.70997 4.45202 6.99292 4.36975C7.28806 4.28393 7.55375 4.18824 7.76538 4.03772L7.93726 3.90491C8.30541 3.59437 8.45094 3.27848 8.54761 2.94592C8.60838 2.73677 8.64117 2.55614 8.70288 2.32092C8.76088 2.09995 8.83661 1.86635 8.96655 1.62756L9.073 1.4635C9.34447 1.10658 9.7727 0.936014 10.1892 0.937134ZM10.1785 3.151C9.91182 3.94374 9.55711 4.56476 9.04956 5.04163C8.6241 5.44134 8.10162 5.72923 7.45972 5.93909C8.77264 6.36001 9.87121 7.38936 10.2097 8.74377C10.4707 7.9695 10.8197 7.33816 11.3201 6.85217C11.7453 6.43925 12.271 6.142 12.9216 5.94495C11.6239 5.4965 10.5274 4.50683 10.1785 3.151Z\" fill=\"#e46211\" stroke=\"var(--gray-10)\" stroke-width=\"0.4\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Resumen<\/span><\/button><\/div>\n<div class=\"jwplayer-ctn\"><script src=\"https:\/\/census-web.scorecardresearch.com\/plugins\/streaming-jwplayer\/v2\/current.js\"><\/script><\/p>\n<div class=\"\">\n<div id=\"5ZZGG4EB4FCIZMK3IKNIMVIIPA-custom_embed0\"><\/div>\n<\/div><figcaption class=\"jwplayer-figcaption\">El economista dio una entrevista y habl\u00f3 sobre la marcha de la econom\u00eda y la reformas del Gobierno<\/figcaption><\/div>\n<div class=\"sharebar-container display_flex sharebar-new\" style=\"opacity:1\">\n<div class=\"share-bar-article-date-container \"><span class=\"sharebar-article-date\">07 Oct, 2026 08:22 p. m. EST<\/span><\/div>\n<div class=\"sharebar-buttons-container display_flex\">\n<div aria-label=\"Guardar\" class=\"sharebar-buttons button-save\" role=\"button\" tabindex=\"0\"><svg width=\"9\" height=\"12\" viewbox=\"0 0 8 10\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"saved-icon saved\"><path d=\"M6.64286 0.5V9.31687L4.1116 7.16407L4.11106 7.16361C3.79894 6.89891 3.34392 6.89891 3.03179 7.16361L3.03126 7.16407L0.5 9.31687V0.5H6.64286Z\"><\/path><\/svg><span class=\"buttons-save-text\">Guardar<\/span><\/div>\n<div class=\"sharebar-buttons-separator\"><\/div>\n<p><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Telegram\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M24.9696 12.5511L10.3405 18.0494C10.0623 18.151 9.92701 18.4484 10.0398 18.7168C10.0999 18.8619 10.2277 18.9779 10.3856 19.0214L14.1068 20.0805L15.4975 24.3312C15.6028 24.6576 15.9636 24.839 16.2944 24.7374C16.3921 24.7084 16.4823 24.6504 16.5575 24.5778L18.482 22.6846L22.2558 25.354C22.6091 25.6006 23.0977 25.5281 23.3533 25.1872C23.421 25.1001 23.4661 24.9986 23.4887 24.897L25.9845 13.3707C26.0672 12.979 25.8116 12.5946 25.4056 12.5148C25.2628 12.4858 25.1124 12.5003 24.9771 12.5511M23.1429 15.1116L16.347 20.9147C16.2793 20.9727 16.2342 21.0525 16.2267 21.1395L15.9636 23.381C15.9636 23.4172 15.926 23.4462 15.8884 23.439C15.8583 23.439 15.8358 23.4172 15.8283 23.3955L14.7533 20.0442C14.7007 19.8919 14.7683 19.7251 14.9111 19.638L22.9399 14.836C23.0226 14.7852 23.1353 14.8142 23.1804 14.894C23.2255 14.9666 23.2105 15.0536 23.1504 15.1116\" fill=\"#555555\"><\/path><\/svg><\/button><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Linkedin\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 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15.0383 17.6243C15.1805 18.3619 15.5983 18.9663 16.0426 19.5618C16.887 20.6638 17.8646 21.6237 19.1622 22.1925C19.7932 22.4769 20.4331 22.7613 21.1441 22.7613C21.2685 22.7613 21.393 22.7613 21.5085 22.7346C22.4506 22.5391 23.1172 22.0058 23.0816 21.0193C23.0816 20.9216 23.0194 20.7794 22.9483 20.7438C22.3973 20.4594 21.8462 20.2017 21.2863 19.9439Z\" fill=\"#555555\"><\/path><path d=\"M26.9482 17.8724C26.3972 13.4642 22.1401 10.3447 17.7229 11.1179C12.6481 11.9977 9.71521 17.2859 11.6883 21.9963C12.1948 22.6629 12.0615 23.3472 11.8216 24.0849C11.5105 25.027 11.2794 26.0046 11.0039 27C11.1194 26.9733 11.1994 26.9644 11.2794 26.9378C12.5059 26.6178 13.7324 26.3068 14.9411 25.9868C15.1544 25.9335 15.3144 25.9602 15.5099 26.0579C17.1719 26.8667 18.9227 27.0978 20.718 26.7067C24.833 25.7913 27.4548 22.0496 26.9305 17.8902L26.9482 17.8724ZM20.0515 25.4624C18.4784 25.7113 17.003 25.3913 15.6166 24.6003C15.5099 24.5381 15.3411 24.5115 15.2077 24.547C14.4612 24.7248 13.7146 24.9292 12.9147 25.1336C13.1192 24.3693 13.3058 23.6672 13.5102 22.9473C13.5635 22.7606 13.5369 22.6273 13.4391 22.4673C11.0039 18.5479 13.1014 13.5442 17.6163 12.5043C21.2868 11.6511 25.0285 14.1841 25.5884 17.908C26.1395 21.5519 23.6954 24.8936 20.0515 25.4624Z\" fill=\"#555555\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"1\">El economista <b>Carlos Melconian<\/b> advirti\u00f3 que <b>2027 ser\u00e1 \u201cun a\u00f1o chivo\u201d para el gobierno de Javier Milei<\/b>, al que ubic\u00f3 en una estrategia defensiva para evitar tensiones cambiarias, de deuda y de financiamiento. En una entrevista con <i>Infobae en Vivo<\/i>, sostuvo que ese resguardo financiero convive con un panorama d\u00e9bil para la actividad, el consumo y el poder adquisitivo.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-1\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"2\">\u201c<b>El a\u00f1o que viene es un a\u00f1o chivo en ese sentido, en materia de que el Gobierno juega en un terreno defensivo donde no quiere conflicto de car\u00e1cter financiero<\/b>\u201d, afirm\u00f3. Seg\u00fan su evaluaci\u00f3n, el Ejecutivo busca preservar el super\u00e1vit fiscal y evitar un desorden cambiario en un contexto electoral, aunque no exhibe definiciones equivalentes para apuntalar los indicadores de la econom\u00eda real.<\/p>\n<div class=\"inline ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline\" data-ad-slot=\"infobae\/economia\/nota\/inline\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline\" class=\"infobae\/economia\/nota\/inline arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"3\">En un segundo plano, Melconian cuestion\u00f3 el ritmo de las transformaciones de fondo. <b>\u201cVan muy lentas las verdaderas reformas, muy\u201d<\/b>, afirm\u00f3 al ser consultado por los reclamos para acelerar los resultados econ\u00f3micos. Para el ex presidente del Banco Naci\u00f3n, esos cambios deben apuntar a modificar las condiciones que afectan a la producci\u00f3n, el empleo formal y el acceso al financiamiento.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-3\"><\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"avanzar-con-una-reforma-tributaria-laboral-y-crediticia\">Avanzar con una reforma tributaria, laboral y crediticia<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"4\">El economista incluy\u00f3 entre las prioridades una <b>reforma tributaria<\/b>, cambios en las normas laborales y el desarrollo del mercado de cr\u00e9dito. \u201cLa reforma tributaria tiene que ser r\u00e1pida; pero ahora no ten\u00e9s con qu\u00e9\u201d, dijo, y diferenci\u00f3 esos temas de la cantidad de disposiciones desregulatorias que impuls\u00f3 el Ejecutivo.<\/p>\n<div class=\"inline_2 ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline_2\" data-ad-slot=\"infobae\/economia\/nota\/inline_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline_2\" class=\"infobae\/economia\/nota\/inline_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline_2\"><\/div>\n<\/div>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=992&amp;height=662&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=768&amp;height=512&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=577&amp;height=385&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=420&amp;height=280&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Para Melconian, el del Gobierno es \u201cun programa contractivo, ortodoxo, cl\u00e1sico, que no tiene elementos expansivos\u201d. (Foto: Reuters)\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"4335\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/OIXHSQHB4NB6REXGE2V5EP4NC4.JPG?auth=ba5795f2669eb6ccdea641781e9e8048664053729cabe9edc7268cddf2c125f3&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" width=\"6500\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"5\">En ese sentido, ironiz\u00f3 sobre el volumen de medidas de desregulaci\u00f3n y sostuvo que no reemplazan las modificaciones estructurales. \u201cLas reformas estructurales son bienvenidas, yo las quiero, no tengo problema\u201d, aclar\u00f3. Tambi\u00e9n ubic\u00f3 a una eventual reforma previsional entre las discusiones necesarias, aunque consider\u00f3 que no resolver\u00eda los problemas inmediatos.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-5\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"6\">Sobre el cr\u00e9dito, Melconian advirti\u00f3 que el problema excede a una mejora regulatoria. \u201c<b>Primero lo que hay que hacer es monetizar la econom\u00eda<\/b>\u201d, sostuvo. Seg\u00fan su an\u00e1lisis, la cantidad de dinero en circulaci\u00f3n, medida a valores constantes, se ubica por debajo del nivel que hab\u00eda cuando Milei asumi\u00f3 la Presidencia.<\/p>\n<div class=\"ad_1 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_1\" data-ad-slot=\"infobae\/economia\/nota\/ad_1\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_1\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_1\" class=\"infobae\/economia\/nota\/ad_1 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_1\"><\/div>\n<\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"la-falta-de-confianza-sostiene-la-demanda-de-dolares\">La falta de confianza sostiene la demanda de d\u00f3lares<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"7\">El punto central de su diagn\u00f3stico fue la confianza. Melconian afirm\u00f3 que el Gobierno no consigui\u00f3 revitalizarla y se\u00f1al\u00f3 como indicador la persistencia de la demanda de d\u00f3lares. <b>\u201cEstamos en un r\u00e9cord hist\u00f3rico, r\u00e9cord hist\u00f3rico de todos los tiempos<\/b>\u201d, se\u00f1al\u00f3 sobre la b\u00fasqueda de cobertura en moneda extranjera.<\/p>\n<div id=\"fusion-static-enter:raw_html_raw_html11\" style=\"display:none\" data-fusion-component=\"raw_html_raw_html11\"><\/div>\n<div class=\"rawHTML raw_html \">\n<div style=\"position: relative; width: 100%; height: 0px; padding: 100.74% 0px 0px; overflow: hidden; will-change: transform;\"><iframe loading=\"lazy\" src=\"https:\/\/e.infogram.com\/44279567-f04d-43c3-a66e-4c0b81f39545?src=embed&amp;embed_type=responsive_iframe\" title=\"Compra acumulada de billetes hasta julio de 2026\" allowfullscreen=\"\" allow=\"fullscreen\" style=\"position: absolute; width: 100%; height: 100%; top: 0px; left: 0px; border-width: medium; border-style: none; border-color: currentcolor; border-image: none; padding: 0px; margin: 0px;\"><\/iframe><\/div>\n<\/div>\n<div id=\"fusion-static-exit:raw_html_raw_html11\" style=\"display:none\" data-fusion-component=\"raw_html_raw_html11\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"8\">Para el economista, esa conducta refleja problemas en la instrumentaci\u00f3n y la secuencia del plan. Habl\u00f3 de una \u201cmala praxis instrumental\u201d y sostuvo que la falta de confianza limita la recuperaci\u00f3n del cr\u00e9dito y la mejora del poder adquisitivo.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"9\">Tambi\u00e9n cuestion\u00f3 la caracterizaci\u00f3n de la recuperaci\u00f3n de la actividad. \u201cEl proceso de crecimiento, mal llamado crecimiento\u201d, dijo, al recordar que la econom\u00eda argentina atraviesa un ciclo de estancamiento desde 2011. En su lectura, una porci\u00f3n acotada de los sectores muestra dinamismo, mientras una parte mayoritaria permanece en ca\u00edda o sin cambios.<\/p>\n<div class=\"ad_2 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_2\" data-ad-slot=\"infobae\/economia\/nota\/ad_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_2\" class=\"infobae\/economia\/nota\/ad_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_2\"><\/div>\n<\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"el-programa-no-tiene-factores-expansivos-para-la-economia-real\">El programa no tiene factores expansivos para la econom\u00eda real<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"10\">Melconian defini\u00f3 al esquema oficial como \u201c<b>un programa contractivo, ortodoxo, cl\u00e1sico, que no tiene elementos expansivos<\/b>\u201d. Vincul\u00f3 esa evaluaci\u00f3n con la debilidad de la inversi\u00f3n, que describi\u00f3 como limitada salvo por proyectos que pueden encuadrarse en el R\u00e9gimen de Incentivo para Grandes Inversiones (RIGI).<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"11\">Al referirse a la pol\u00edtica monetaria y financiera, consider\u00f3 que la tasa de inter\u00e9s tiene una gravitaci\u00f3n acotada en el contexto actual. \u201cNo se sabe cu\u00e1l es el esp\u00edritu de la tasa de inter\u00e9s, qui\u00e9n la maneja, c\u00f3mo se maneja, cu\u00e1l es el pilar de la pol\u00edtica monetaria\u201d, afirm\u00f3. A\u00f1adi\u00f3 que el programa mantiene un faltante en materia monetaria y cambiaria.<\/p>\n<div class=\"ad_3 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_3\" data-ad-slot=\"infobae\/economia\/nota\/ad_3\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_3\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_3\" class=\"infobae\/economia\/nota\/ad_3 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_3\"><\/div>\n<\/div>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=992&amp;height=521&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=768&amp;height=403&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=577&amp;height=303&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=420&amp;height=221&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=350&amp;height=184&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"El ex titular del Banco Naci\u00f3n proyect\u00f3 que 2027 ser\u00e1 un a\u00f1o econ\u00f3mico complejo.\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"566\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/FBGOVMD7X5GCDOJWHMR23ODNH4.jpg?auth=bcd00c108aadb7f3fb012444e55125715167a19ba9901da5d31b5710b0840128&amp;smart=true&amp;width=350&amp;height=184&amp;quality=85\" width=\"1078\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"12\">El ex funcionario distingui\u00f3, adem\u00e1s, entre los indicadores financieros y los de la econom\u00eda real. En este \u00faltimo grupo ubic\u00f3 al consumo, el empleo y la pobreza, y plante\u00f3 que son las variables que deber\u00edan ordenar el debate sobre el desempe\u00f1o del Gobierno.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"un-2027-condicionado-por-la-actividad-el-poder-adquisitivo-y-la-eleccion\">Un 2027 condicionado por la actividad, el poder adquisitivo y la elecci\u00f3n<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"13\">Consultado por las perspectivas para 2027, Melconian evit\u00f3 dar una respuesta cerrada y sostuvo que depende de qu\u00e9 indicadores se tomen. Sin embargo, afirm\u00f3 que el Gobierno prioriza la acumulaci\u00f3n de defensas en el frente financiero ante un a\u00f1o electoral y posibles turbulencias.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"14\">\u201cEs muy dif\u00edcil que sea un a\u00f1o activo en materia de actividad, poder adquisitivo\u201d, dijo. A su criterio, aun en el escenario m\u00e1s favorable, el a\u00f1o pr\u00f3ximo podr\u00eda reproducir las condiciones actuales para la econom\u00eda real.<\/p>\n<div class=\"ad_4 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_4\" data-ad-slot=\"infobae\/economia\/nota\/ad_4\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_4\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_4\" class=\"infobae\/economia\/nota\/ad_4 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_4\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"15\">Tambi\u00e9n objet\u00f3 la comunicaci\u00f3n oficial y el manejo de expectativas. \u201cLa comunicaci\u00f3n para el manejo de las expectativas, de la esperanza y del horizonte en este programa ha sido malo\u201d, sostuvo. En ese marco, pidi\u00f3 cautela a los funcionarios al anticipar resultados y remarc\u00f3 que los anuncios deben estar respaldados por resultados concretos.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EscucharPuntos claveResumen El economista dio una entrevista y habl\u00f3 sobre la marcha de la econom\u00eda y la reformas del Gobierno 07 Oct, 2026 08:22 p. m. EST Guardar El economista Carlos Melconian advirti\u00f3 que 2027 ser\u00e1 \u201cun a\u00f1o chivo\u201d para el gobierno de Javier Milei, al que ubic\u00f3 en una estrategia defensiva para evitar tensiones [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-29630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/29630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29630"}],"version-history":[{"count":0,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/29630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/media\/29631"}],"wp:attachment":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}