A middle emerging economy and one of the world's top developing nations, Argentina is a member of the G-20 major economies. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and—in the recent decades—increasing poverty. Early in the 20th century Argentina achieved development, and became the world's seventh richest country. Although managing to keep a place among the top fifteen economies until mid-century, it suffered a long and steady decline, but it is still a high income country.