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DUBLIN, July 29, 2022 /PRNewswire/ — The “Argentina Construction Equipment Market – Strategic Assessment and Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Argentina construction equipment market is expected to grow significantly due to increased funds by Inter-American Development Bank and World Bank for new roads, rail, ports, and utilities. Foreign companies are investing in the mining sector in Argentina; for instance, the Canadian Lundin Group invest $3,000 million in its Josemaria copper, gold, and silver mine in San Juan province.
Argentina Economy: Pandemic Repercussions and Recuperation
Argentina’s economy declined for the third year in a row in 2020, this time due to the impact of the COVID-19 outbreak, which severely impacted private consumption, investment, and exports. According to the recent data from the IMF, the country’s GDP rose by 25.6% in 2021, owing to a recovery in investments and private consumption and the exports favored by high commodity prices.
The government implemented increased health spending, financial support for workers and vulnerable groups, price controls for food and medical supplies, and credit guarantees for bank lending to SMEs to produce foods and essential supplies in 2021 to counteract the economic crisis caused by the COVID-19 pandemic.
Argentina’s economy, the second-largest in South Americais likely to continue to develop, though at a slower pace. The IMF has estimated Argentina’s GDP growth by 2.5% in 2022 and 2% in 2023. Due to planned investments in the mining and manufacturing sectors and ongoing infrastructure projects, Argentina’s demand for construction equipment is expected to grow.
Multimodal transport infrastructure and regional development spur Argentina’s demand for construction equipment.
Argentina’s National Road Network Plan (long-term plan for 2027) is $35 billion worth. This plan includes 2,800 km of new highways, 2,500 km of safe roads, 13,000 km of rehabilitated roads, and 2,000 km of new paving, including 250 new engineering projects. These projects will be Public-Private Partnership (PPP) Projects, in which the government will invest $7.4 billion in the first stage in 2022.
Additionally, to improve the industry competitiveness, the government plans to invest $2.8 billion in 2022 to modernize ports and waterways. Similarly, in 2022, the government will be investing $14.2 billion to improve the rail network by expanding the railway lines.
Under the plan Recovering The Freight Network By 2030, the government…
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