In a global environment marked by increasing geopolitical uncertainty, business optimism is showing divergent trends. Worldwide, the index fell by six percentage points (pp) to 68%, mainly impacted by the war in Iran and its effects on costs, supply chains and economic stability.
Against this backdrop, Argentina presents a different dynamic: business optimism remained at 64% in the first quarter of 2026, unchanged from the end of 2025, according to the latest IBR.
“The stability of optimism in Argentina does not imply the absence of risk. What we are seeing is a shift in the way companies manage their businesses: less emphasis on accelerated growth and greater focus on efficiency, technology and cost control,” said Fernando Fucci, Managing Partner of Grant Thornton Argentina.
Growth expectations: focus on revenue and prices
Argentine companies maintain positive expectations in terms of revenue and selling prices, both with 61% favourable responses. These indicators lead growth expectations and recorded significant increases compared to the previous quarter (+11 and +19 pp, respectively).
However, projections related to international expansion remain lagging behind: only 12% expect to increase revenue from external markets or expand into new countries, highlighting a stronger focus on the domestic market.
Investment: technology and sustainability gain prominence
In terms of investment, a recovery in technology stands out at 53%, alongside strong growth in sustainable initiatives (50%) and research and development (42%).
By contrast, investment in branding shows a notable decline, falling by 9 pp to 29%, which may indicate a prioritisation of more operational or strategic investments over communication‑related ones.
Main constraints: costs and uncertainty
Among the main obstacles to business growth in Argentina are:
- Availability and cost of raw materials (39%, up 9 points)
- Economic uncertainty (39%, although down 11 points)
At the same time, concern about lack of demand has eased: order shortages fell to 16% (‑8 pp) and expectations of lower future demand dropped to 14% (‑7 pp), suggesting a relative improvement on this front.
Wages: lower expectations of increases
The report also shows an adjustment in wage expectations. Only 9% of companies anticipate real wage increases (2 points lower than the previous quarter), while expectations of nominal pay rises fell significantly, from 83% to 68%.
A stable scenario with structural changes
While the level of optimism remains stable, the data reflect a process of reconfiguration in business decisions in Argentina. Companies appear to be prioritising efficiency, strategic investment and adaptation to the context, in an environment that continues to be marked by structural challenges.
