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New year, same old uncertainty
January 2014 |  | 
New year, new life, that's what people say. Even more than the typical celebrations, the hope for a better future is perhaps the main feature of the beginning of each year. Unfortunately, however, the simple change of the year in the Gregorian calendar is not powerful enough to alter economic fundamentals, or the expectations of economic agents. 2014 is no exception – quite the opposite.

In the wake of the dull economic performance experienced in 2013, the new year came in shrouded in uncertainties and concerns about the fiscal situation, a possible downgrade in sovereign risk ratings, the domestic consequences of the normalization of the world economy, stubbornly high inflation, and authorities apparently unwilling to adopt the measures necessary to strengthen economic fundamentals and accelerate growth. There is some good news, but unfortunately the negative predominates.

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