First GMM Meeting of 2023


The first annual ordinary meeting of the Macroeconomic Monitoring Group (Grupo de Monitoreo Macroeconómico, GMM) of Mercosur and Associated States was held virtually on March 14, 2023, under the pro tempore presidency of Argentina. The event was attended by delegations from Argentina, Brazil, Paraguay, Uruguay, and Bolivia (country in the process of accession to Mercosur).

The GMM deals with the monitoring of macroeconomic variables in the region, as well as the follow-up and study of topics of common interest, as requested by the ministers of economy and central bank presidents of Mercosur. Moreover, the GMM has been charged with the preparation and follow-up of a common method for harmonizing macroeconomic statistics in the region. The group gathers twice over a six-month period in the country that holds the pro tempore presidency of Mercosur.

At the meeting, the attendants analyzed proposals for macroeconomic coordination, and a work agenda for the period was submitted. They agreed to analyze the situation of the bloc regarding the convergence of the main macroeconomic variables and to assess the macroeconomic performance and potential of payments in local currencies. Moreover, the attendants and the Communication and Information Unit of Mercosur dealt with the migration of content from the group’s website to the Mercosur’s website.

Finally, the Economic Commission for Latin America and the Caribbean made a presentation on the international and regional economic situation. The presentation highlighted the recent recovery of the region, but also the increase in inflation—together with an expected lower growth for 2023—due to the unprecedented global cycle of contractionary monetary policy. It also addressed the uncertainty fueled by the recent financial turmoil in advanced economies, and its possible impact on the region.

The next GMM meeting will be held in May 2023.

March 21, 2023

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