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The Argentine economy began to experience swift growth after 1880 through the export of livestock and grain raw materials, and [[British investment in Argentina|British]] and [[French Third Republic|French]] investment, marking the beginning of a fifty-year era of significant economic expansion and mass [[Immigration in Argentina|European immigration]].{{cn|date=November 2024}} From 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP during its most vigorous period, averaging about 8% annually.{{cn|date=November 2024}} One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period. Growth then slowed considerably, such that by 1941 Argentina's real per capita GDP was roughly half that of the U.S. Even so, from 1890 to 1950, the country's per capita income was similar to that of Western Europe; although income in Argentina remained considerably less evenly distributed. According to a study by Baten and Pelger and Twrdek (2009), where the authors compare anthropometric values, i.e., height with real wages, Argentina's GDP increased for the decades after 1870.{{cn|date=November 2024}} Before 1910 however, the heights have been left unaffected. This, in turn, suggests that the increase in the population's welfare did not occur during the income expansion of the given period.{{cn|date=November 2024}} The [[Great Depression]] caused Argentine GDP to fall by a fourth between 1929 and 1932. Having recovered its lost ground by the late 1930s partly through [[import substitution]], the economy continued to grow modestly during World War II (contrary to the recession caused by the previous world war).{{cn|date=November 2024}} The war led to reduced availability of imports and higher prices for Argentine exports that combined to create a US$1.6 billion cumulative surplus, a third of which was blocked as inconvertible deposits in the [[Bank of England]] by the [[Roca–Runciman Treaty]]. Benefiting from innovative self-financing and government loans alike, value-added in manufacturing nevertheless surpassed that of agriculture for the first time in 1943, employed over 1 million by 1947, and allowed the need for imported consumer goods to decline from 40% of the total to 10% by 1950.{{cn|date=November 2024}} The [[Populism|populist]] administration of [[Juan Perón]] [[Nationalization|nationalized]] the [[Central Bank of Argentina|Central Bank]], [[Railway Nationalisation in Argentina|railways]], and other strategic industries and services from 1945 to 1955. Inflation first became a chronic problem during this period, averaging 26% annually from 1944 to 1974. The GDP per capita increased until the early 1950s, where commodity prices dropped and the effects of nationalization led to stagnation.<ref>{{Cite web |title=Commanding Heights : Argentina Economic {{!}} on PBS |url=https://www.pbs.org/wgbh/commandingheights/lo/countries/ar/ar_economic.html |access-date=2024-02-19 |website=www.pbs.org}}</ref><ref>{{Cite web |title=Chronology: Argentina's turbulent history of economic crises |website=[[Reuters]] |url=https://www.reuters.com/article/idUSKBN0FZ23N/ |access-date=2024-02-19}}</ref><ref>{{Cite web |title=Debt and Macroeconomic Instability in Argentina |url=https://www.nber.org/system/files/chapters/c7519/c7519.pdf |access-date=2024-02-19}}</ref> The economy continued to decline during the [[National Reorganization Process|military dictatorship]] from 1976 to 1983 and for some time afterward. The dictatorship's chief economist, [[José Alfredo Martínez de Hoz]], advanced a controversial, [[Neoliberalism|neoliberal]] policy of [[Big Bang (financial markets)|financial liberalization]] that increased the debt burden and failed to curb inflation, which reached 344% in 1983.<ref>{{Cite web |title=Inflation rates in Argentina |url=https://www.worlddata.info/america/argentina/inflation-rates.php |access-date=2024-02-19 |website=Worlddata.info |language=en}}</ref> While black markets and shortages disappeared as price and exchange controls were removed,<ref>{{Cite web |title=Los militares, que eran el poder político que estaba detrás de la política económica, tenían ideas confusas, como no podía ser de otro modo en un país que venía del caos |url=http://martinezdehoz.com/words/Los_anios_de_Martinez_de_Hoz_por_Juan_Alemann.pdf |archive-url=https://web.archive.org/web/20221020145439/http://martinezdehoz.com/words/Los_anios_de_Martinez_de_Hoz_por_Juan_Alemann.pdf |archive-date=20 October 2022 |access-date=1 October 2024 |website=martinezdehoz.com}}</ref> the currency devalued tenfold<ref>{{Cite web |title=USD / Argentina Currencies Exchange Rate |url=https://upload.wikimedia.org/wikipedia/commons/7/7d/USD_to_Argentina_Currency_Exchange_Rates.webp |access-date=2024-02-19}}</ref> and the economy failed to grow. Record [[Latin American debt crisis|foreign debt interest payments]], [[tax evasion]], and [[capital flight]] resulted in a [[balance of payments]] crisis that plagued Argentina with severe [[stagflation]] from 1975 to 1990, including a bout of [[hyperinflation]] in 1989 and 1990.{{cn|date=November 2024}} Attempting to remedy this situation, economist [[Domingo Cavallo]] pegged the peso to the U.S. dollar in 1991 and limited the money supply's growth. His team then embarked on a path of [[Free trade|trade liberalization]], [[deregulation]], and [[privatization]]. Inflation dropped to single digits, and GDP grew by one third in four years.{{cn|date=November 2024}} External economic shocks and a dependency on volatile short-term capital and debt to maintain the overvalued [[fixed exchange rate]] diluted benefits, causing erratic economic growth from 1995 and the eventual [[1998–2002 Argentine great depression|collapse in 2001]]. That year and the next, the economy suffered its sharpest decline since 1930; by 2002, Argentina had defaulted on its debt. Its GDP had declined by nearly 20% in four years, unemployment reached 25%, and the peso had depreciated 70% after being [[Devaluation|devalued]] and [[Floating exchange rate|floated]].{{cn|date=November 2024}} Argentina's socio-economic situation has since been steadily improving. [[Expansionary monetary policy|Expansionary policies]] and raw materials exports triggered a rebound in GDP from 2003 onward. This trend has been primarily maintained, creating over five million jobs and encouraging domestic [[Consumption (economics)|consumption]] and [[fixed investment]]. [[Social program]]s were strengthened, and a number of important firms privatized during the 1990s were [[renationalized]] beginning in 2003. These include the [[Correo Argentino|postal service]], [[Integrated urban water management in Buenos Aires, Argentina|ASA]] (the water utility serving [[Buenos Aires]]), [[Pension fund]]s (transferred to [[ANSES]]), [[Aerolíneas Argentinas]], the energy firm [[YPF]], and the [[Rail transport in Argentina|railways]].{{cn|date=November 2024}} The economy nearly doubled from 2002 to 2011, growing an average of 7.1% annually and around 9% for five consecutive years between 2003 and 2007.{{cn|date=November 2024}} Real wages rose by around 72% from their low point in 2003 to 2013. The [[Financial crisis of 2007–2010|global recession]] did affect the economy in 2009, with growth slowing to nearly zero; but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011. [[Foreign exchange controls]], [[2012 fiscal austerity in Argentina|austerity measures]], persistent inflation, and downturns in Brazil, Europe, and other important trade partners, contributed to slower growth beginning in 2012, however. Growth averaged just 1.3% from 2012 to 2014, and rose to 2.4% in 2015.{{cn|date=November 2024}} The Argentine [[government bond]] market is based on [[GDP-linked bond]]s, and investors, both foreign and domestic, netted record yields amid renewed growth. [[Argentine debt restructuring]] offers in 2005 and 2010 resumed payments on the majority of its almost US$100 billion in defaulted bonds and other debt from 2001.{{cn|date=November 2024}} [[File:GDPg ARG.png|thumb|left|Historical growth of Argentina from 1961 to 2016]] [[Holdout problem|Holdouts]] controlling 7% of the bonds, including some small investors, [[hedge fund]]s, and [[vulture fund]]s led by [[Paul Singer (businessman)|Paul Singer's]] [[Cayman Islands]]-based [[NML Capital Limited]], rejected the 2005 and 2010 offer to exchange their defaulted bonds. Singer, who demanded US$832 million for Argentine bonds purchased for US$49 million in the [[secondary market]] in 2008, attempted to seize Argentine government assets abroad and sued to [[Attachment (law)|stop payments]] from Argentina to the 93% who had accepted the earlier swaps despite the steep [[Haircut (finance)|discount]]. According to estimates by Morgan Stanley, bondholders who instead accepted the 2005 offer of 30 cents on the dollar had by 2012 received returns of about 90%. Argentina settled with virtually all holdouts in February 2016 at the cost of US$9.3 billion; NML received US$2.4 billion, a 392% return on the original value of the bonds. While the Argentine Government considers debt leftover from [[National Reorganization Process|illegitimate governments]] unconstitutional [[odious debt]], it has continued servicing this debt despite the annual cost of around US$14 billion and despite being nearly locked out of international credit markets with annual bond issues since 2002 averaging less than US$2 billion (which precludes most debt [[Refinancing|rollover]]).{{cn|date=November 2024}} Nevertheless, Argentina has continued to hold successful bond issues, as the country's stock market, consumer confidence, and overall economy continue to grow. The country's successful, US$16.5 billion bond sale in April 2016 was the largest in emerging market history.{{cn|date=November 2024}} In May 2018, Argentina's government asked the [[International Monetary Fund]] for its intervention, with an emergency [[loan]] for a $30 billion [[bailout]], as reported by [[Bloomberg L.P.|Bloomberg]].{{cn|date=November 2024}} In May 2018, the official estimated [[inflation]] had peaked up to 25 percent a year, and on 4 May Argentina's [[central bank]] raised [[interest rates]] on [[peso]]s to 40 percent from 27.25 percent, which is the highest in the world, since the national currency had lost 18% of its value since the beginning of the year.{{cn|date=November 2024}} In 2019, the inflation was considered the highest in 28 years according to the index, ascending to 53.8%.{{cn|date=November 2024}} To the cause of the quarantine in 2020, in April, 143,000 SMEs will not be able to pay salaries and fixed expenses for the month, even with government assistance, so they will have to borrow or increase their capital contribution, and approximately 35,000 companies consider closing their business. even so, the president remains firm in his decision to maintain the state of total quarantine. Despite cuts in the payment chain, some project 180 total days and calculate 5% of companies that fell in May.{{cn|date=November 2024}} In February 2023, the rate of inflation in Argentina surpassed 100% for the first time since the early 1990s.<ref>{{Cite news |date=2023-03-15 |title=Argentina inflation soars past 100% mark |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-latin-america-64960385 |author-link=Laura Gozzi |access-date=2023-03-15}}</ref> In December 2023, Argentina was seeing a projected 200% annualized inflation rate of the Argentine Peso. With this inflation in mind, [[Javier Milei]] (Argentina's newly sworn in president as of 10 December 2023, with 55.69% of the vote in the runoff election<ref>{{Cite news |last1=Phillips |first1=Tom |last2=Salomón |first2=Josefina |last3=Iglesia |first3=Facundo |date=2023-11-19 |title=Argentina presidential election: far-right libertarian Javier Milei wins after rival concedes |url=https://www.theguardian.com/world/2023/nov/20/argentina-presidential-election-far-right-libertarian-javier-milei-wins-after-rival-concedes |access-date=2024-01-21 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>) weakened the Argentine Peso by 50% to 800 per dollar, along with cuts to energy subsidies, cancellations of public works, and more.<ref>{{Cite web |title=Argentina devalues peso, cuts spending to treat fiscal deficit 'addiction' | website=[[Reuters]] |url=https://www.reuters.com/markets/argentina-braces-economic-shock-package-peso-shackled-2023-12-12/#:~:text=BUENOS%20AIRES%2C%20Dec%2012%20(Reuters,country's%20worst%20crisis%20in%20decades. |access-date=2024-02-19}}</ref> Although an impactful policy, Argentinians knew Milei would enact significant economic policies, as he openly supported extreme economic policies as a self-described [[Anarcho-capitalism|anarcho-capitalist]].<ref>{{Cite web |date=2023-05-28 |title=Right-wing populist Javier Milei gains support in Argentina by blasting 'political caste' |url=https://apnews.com/article/javier-milei-argentina-elections-presidency-54671463bcf1a3ef22e7f7a2a602adcd |access-date=2024-01-21 |website=AP News |language=en}}</ref> As part of Javier Milei's plans the Government of Argentina announced in April 2024 a cut of 15000 state jobs.<ref>{{Cite web |date=2024-04-03 |title=Argentina's Milei takes his chainsaw to the state, cutting 15,000 jobs and spurring protests |url=https://apnews.com/article/milei-economy-union-protests-strike-jobs-state-argentina-6b9b41603dcc2b9cbcf23e5654bd4e30 |access-date=2024-04-04 |website=AP News |language=en}}</ref> Argentina's 2023 annual inflation was the highest in the world at 211.4%.<ref>{{Cite web |last=AP |date=2024-01-12 |title=Argentina's annual inflation soars to 211.4%, the highest in the world |url=https://english.elpais.com/economy-and-business/2024-01-11/argentinas-annual-inflation-soars-to-2114-the-highest-in-32-years.html |access-date=2024-02-06 |website=EL PAÍS English |language=en-us}}</ref> In January 2024, Argentina’s poverty rate reached 57.4%, the highest poverty rate in the country since 2004.<ref>{{cite news |last1=Herald |first1=Buenos Aires |title=Poverty in Argentina hits 57%, highest number in 20 years, report says |url=https://buenosairesherald.com/society/poverty-in-argentina-hits-57-highest-number-in-20-years-report-says |work=Buenos Aires Herald |date=18 February 2024}}</ref> </textarea><div class="templatesUsed"></div><p id="mw-returnto">Return to <a href="/wiki/Economy_of_Argentina" title="Economy of Argentina">Economy of Argentina</a>.</p> <noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1&useformat=desktop" alt="" width="1" height="1" style="border: none; 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