section_path: Socio-economic effects/Argentina
section_name: Argentina
paragraph_text: Argentina
  
  Decline in foreign trade hit Argentina hard. The British decision to stop importing Argentine beef led to the signing of the Roca–Runciman Treaty, which preserved a quota in exchange for significant concessions to British exports. By 1935 the economy had recovered to 1929 levels and the same year the Central Bank of Argentina was formed. However the Great Depression was the last time when Argentina was one of the richer countries of the world as it stopped growing in the decades thereafter and became underdeveloped.