#Argentina's infrastructure spending isn't only to boost long-term competitiveness. Last year, the construction sector led the recovery from the 2016 recession, expanding by 10%, thanks to public works projects.
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Which is to say, it's a tough time to run #Argentina. Don't believe it? Try telling unions to accept a 15% raise when analysts, including Itaú, project 20% inflation. And with little hope of meeting the inflation target, don't hold your breath for expansionary monetary policy.