Economy of Argentina GDP levels in the world, at par with Canada and Australia and surpassing both France and Italy. Argentina today (2018) is plagued by currency crisis which involved a potential bailout from International Monetary Fund. The currency declined by 18% over a period of 12 days in May 2018 to more than 25 Argentine pesos per U.S. Dollar. Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and is one of the G-20 major economies. Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat, wool, leather, and hide industries for both
Economic history of Argentina economy soon recovered and, between 1996 and 1998, both output and employment grew rapidly and unemployment declined substantially. However, at the beginning of 1999, the Brazilian currency underwent a strong depreciation. The Argentine economy contracted 4% in 1999, and unemployment increased again. Exports grew from $12 billion in 1991 to $27 billion in 2001, but many industries could not compete abroad, especially after Brazil's devaluation. The strong, fixed exchange rate turned the trade balance to a cumulative US$22 billion in deficits between 1992 and 1999. Unable to devalue, Argentina could only become more competitive if prices fell. Deflation came from