Argentina is a developing country even though its economy is the second-largest national economy in South America, behind Brazil’s. Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.
Argentina’s economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period.
Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia and had surpassed both France and Italy.
Argentina’s currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar. In 2019, the currency fell further by 25%. As of that year, it is under a stand-by program from the International Monetary Fund.
Argentina is considered an emerging market by the FTSE Global Equity Index (2018) and one of the G-20 major economies.