1945

The drawn-out economic crisis in Argentina reached unprecedented proportions in 2001. GDP contracted more sharply, shrinking by almost 11% in the fourth quarter and receding by 4.5% over the year as a whole. In 2002 the recession deepened, prompting forecasts that the level of activity would fall off by more than 10%. At the end of 2001, prices suddenly swung upward; the CPI had exhibited deflation that year (-1.5%), but after the currency devaluation there was a palpable increase in prices, which followed a decade of stability. Meanwhile, unemployment continued to rise, reaching extremely high levels, while merchandise trade accumulated a large surplus owing to the slump in imports.

Related Subject(s): Economic and Social Development
Countries: Argentina
/content/books/9789211558388s003-c001
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