economical recovery
With rich natural resources, a highly literate population, exports of agricultural, and a diverse industrial base, Argentina benefits greatly and was one of the wealthiest countries in the world 100 years ago, but throughout the 20th century Argentina has struggled to keep up.
Cristina Fernandez de Kirchner and government policies pushed the economy into recession in 2007 and 2008. After efforts to fix this, the government intervened with the economy by nationalizing YPF oil company from Spain's Repsol, began to restrict importation, and tightened currency controls to strengthen foreign reserves and "stem capital flight".
Between 2011 and 2013, Central Bank foreign reserves dropped $21.3 billion. In 2014, Chile and Argentina agreed on an $11 billion currency swap, and China has contributed $3.2 billion to international reserves.
After the election of a new president, Mauricio Macri, in 2015, Argentina began to transform politically and economically for the better. Mauricio and his admin began to free the Argentina economy along with lifting capital controls, floating the peso, removing some controls on certain exports, reducing energy subsidies, and reforming official statistics for Argentina. Argentina returned to the international capital markets in spring of 2016.
Argentina emerged from recession in 2017, according to the CIA Factbook, with a GDP growth of about 3%. Being out of recession, Argentina began to participate in world events such as hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference.
Argentina emerged from recession in 2017, according to the CIA Factbook, with a GDP growth of about 3%. Being out of recession, Argentina began to participate in world events such as hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference.
Products of agriculture: sunflower seeds, soybeans, lemons, corn, grapes, tobacco, peanuts, tea, wheat, and livestock. With a production growth rate of 2.7%, major industries in Argentina include food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, and steel. There are 18 million in the labor force, and 25.7% of the population is in poverty. In December of 2017, Argentina is estimated to be $214.9 billion in debt.
SOURCE: CIA FACTBOOK |