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.
Ethnic groups of Argentina largest Jewish urban centers in the world (see also History of the Jews in Argentina). There are 1,300,000–3,500,000 Argentines whose ancestry traces back to any of various waves of immigrants, largely of levantine cultural and linguistic heritage and/or identity. Most Levantine Argentines are from either Lebanese or Syrian background, originating mainly from what is now Lebanon and Syria. There are people from other Arabic speaking countries in lesser numbers. Most are Christians of the Eastern Orthodox and Eastern Catholic (Maronite) Churches. The first Levantines settled in Argentina in the 19th century, and most who came during this time period were