Employment Overtaking Inflation as Primary Political Risk
For the first time since the onset of the current stabilization program, the national psychology is shifting from inflation panic to job insecurity. With monthly consumer price growth reliably suppressed below two percent, the government can no longer rely solely on falling inflation to sustain public approval. The administration now faces the much harder task of stimulating private sector job creation in a high-interest-rate environment where banks heavily prefer government debt over commercial lending.