The contraction of the economy recorded in 2020 as a result of Covid and restrictions – it is currently the eighth largest country in the world in terms of cases – and the deep devaluation of the peso caused economies to lose GDP and land compared to the main world. Four positions less in a year.
According to the latest figures released by the World Bank and the International Monetary Fund, by the end of 2020, Argentina’s gross domestic product will reach $ 383 billion. It therefore fell to the 30th largest country in the world with the largest national economy. By 2020, four smaller countries will exceed Argentina’s GDP. These are Austria ($ 428.965 billion GDP), the United Arab Emirates ($ 421.142 billion), Ireland ($ 418.621) and Israel ($ 401.953).
Argentina, the world’s largest economy, lost four places
According to the latest ‘measurements’ of the national economy, Argentina’s GDP in 2020 fell to its lowest level since 2009, when it stopped at $ 332.976 billion. In those twelve months, the loss of economic activity due to the severe drought that paralyzed the country’s major economic sector was 6 per cent, coupled with the so-called international financial crisis.
Recently, Argentina’s best economic performance was in 1998, the thirteenth country in the world, with a gross domestic product of $ 299 billion, according to the World Bank.
However, the Argentine economy has been in trouble for a number of years. The last positive balance was 2017, with growth of 2.9 per cent, but higher external debt. In 2018, the recession began, and by the end of the year, inflation had risen to 47 percent. It was the year that Argentina lost five places in the ranking of the world’s leading economies, slipping to 26th place, overtaking Taiwan, Sweden, Poland, Belgium and Thailand.
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