Argentina was one of the richest countries in Latin America, and its GDP per capita at the beginning of the 20th century even surpassed that of the United States at the time. However, due to political turmoil, economic policy mistakes, etc., Argentina's economy has gradually declined and today it is one of the countries with a low level of development in Latin America.
Argentina's recession dates back to the 70s of the 20th century. At that time, the Argentine military implemented a series of liberalization economic policies, which led to increased economic inequality and poverty. In 1982, the Falklands War broke out between Argentina and the United Kingdom, and the defeat of the war dealt a heavy blow to the Argentine economy.
In the 90s of the 20th century, Argentina began to implement economic reforms, which achieved certain results. However, in 2001 Argentina experienced a severe economic crisis and the economy fell into recession again.
In 2015, Argentina's right-wing parties won and implemented a series of right-wing economic policies that led to another deterioration in the economy.
In 2023, Argentina's left-wing party will win, and the new ** is ready to live in a different way.
Argentina's new Millay implemented the first wave of shock measures for the struggling country's economy, devaluing the Argentine peso by 54% and announcing a series of spending cuts.
Argentina's Economy Minister Caputo announced on Tuesday (12 December) a televised speech after the local market** to cut the official exchange rate to 800 pesos per dollar.
Caputo repeatedly said in the pre-recording** that "there is no money left" and "Argentina needs to solve the fiscal deficit".
Other measures at Millai** include halving the number of ministries, reducing transfers to the province and suspending public works. **Subsidies for sectors such as transport and energy will also be reduced. At the same time, Caputo said that Argentina will increase spending on specific social welfare programs.
Argentina's new shock measures include devaluation of the peso, spending cuts, and social welfare improvements. It remains to be seen whether these measures will work.
The likelihood of Argentina being the first to enter a developed country depends on a variety of factors, including political stability, economic policies, social welfare, etc.
The likelihood of Argentina being the first to enter a developed country depends on a variety of factors, including political stability, economic policies, social welfare, etc. If Argentina is to return to the ranks of developed countries, it needs to overcome multiple challenges, such as economic recession and political turmoil.