Second GMM Meeting of 2023

The second half-yearly ordinary meeting of the Macroeconomic Monitoring Group (Grupo de Monitoreo Macroeconómico, GMM) of Mercosur and Associated States was held on May 24, 2023, under the pro tempore presidency of Argentina. The event was attended by delegations from Argentina, Brazil, Paraguay, Uruguay, and Bolivia (in the process of joining Mercosur). Delegations from Chile, Colombia and Perú also took part as associated states (the latter two countries virtually). Representatives of the ministries of Economy and central banks attended the meeting.

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.

In the meeting, the position of the bloc was analyzed regarding the convergence of the main macroeconomic variables, and the macroeconomic performance and potential of payment systems in local currencies used in the region. In addition, the discussion about migration of the contents of the group´s website to the Mercosur's website continued.

The delegations also described the current context in their countries and exchanged views on the situation and the macroeconomic prospects of the region. Climate-related and international factors have affected local trends, showing some fiscal consolidation after the pandemic and increases in monetary policy interest rates (which began in several countries of the bloc earlier than in advanced countries), while cycles exhibit less expansion vis-à-vis last year.

Finally, the group discussed the arrangements for the Meeting of Ministers of Economy and Central Bank Presidents—to which the GMM reports its activities—to be held in Argentina in early July of this year.

The next GMM meeting is scheduled to take place in August 2023, under the pro tempore presidency of Brazil.

May 31, 2023