Argentina economy has undergone a consistent growth since 2002 after t suffered during 2001 and 2002. The economic conditions affected the political systems of the country. Most of the debts were cleared and economic stability has been restored.
Argentina has an abundance of natural resources. Majority of the population of the country is literate. An agricultural sector which serves Argentina's exports and a wide ranging industrial base make up Argentina economy. A century ago Argentina was one of the richest countries of the world. This status suffered a shock during the 20th century when the economy of Argentina was characterized by economic crises, growing fiscal and current account deficits, uncontrolled rising inflation, increasing external debts and capital flight. Towards the end of 1990s Argentina faced a steep economic recession and an economic depression. Though the government tried to reconstruct the economy in 1999 by lowering fiscal deficits nothing happened. Argentina's economy was in a mess by the beginning of 21st century and it led to internal political disturbances.
President Eduardo Duhalde, in 2002, ended the peso's 1-to-1 peg to US dollar. As the value of peso came down and infation increased the president immobilized utility tarrifs, restricted creditor's rights and imposed huge taxes on exports. Soon Argentine economy showed signs of improvement and inflation came down. The new government of Kirchner kept up the economic policies of President Duhalde and also reformed the country's debt in 2005. Argentina economy is in a good state at present with the country paying off its debts and the revenues increasing largely.
The GDP of Argentina is $608.8 billion. The rate of unemployment is 8.7% and the rate of inflation is 9.8%. The agricultural products include sunflower seeds, lemons, soybeans, grapes, corn etc. major industries are food processing, motor vehicles, consumer durables, textiles etc. Its export partners are Brazil, Chile, US and China.
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