The most notable events in the evolution of the Argentine economy in 1977 were the increase in investments, the marked expansion in agricultural production, the high level achieved by exports and the satisfactory position of international reserves, together with a reduction in the fiscal deficit. In contrast to these achievements, however, inflation continued at a high and fluctuating rate which countermeasures failed to control, while real wages made no appreciable recovery. At the same time, the country suffered for the fourth year running a marked deterioration in its terms of trade, which dropped to their lowest level in the last 50 years.

Related Subject(s): Economic and Social Development
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