Economic history of Argentina rate never went above 10%, and the country largely recovered by 1935. However, the Depression permanently halted its economic expansion. Actually, much like other developing countries, the economy was already in a downturn beginning in 1927, a result of declining prices. Argentina abandoned the gold standard in December 1929, earlier than most countries. For much of the previous period, the country had operated a currency board, in which a body known as the caja de conversión was charged with maintaining the peso's value in gold. The devaluation of the peso increased the competitiveness of its exports and protected domestic production.
Economic history of Argentina who became Minister of the Economy in April 2002, was credited for the ensuing recovery of the economy, having stabilised prices and the exchange rate in a moment when Argentina was at risk of hyperinflation. Since the default in 2001, growth has resumed, with the Argentine economy growing by over 6% a year for seven of the eight years to 2011. This was achieved in part because of a commodity price boom, and also because the government managed to keep the value of the currency low, boosting industrial exports. Néstor Kirchner became president in May 2003. In the mid-2000s, export