Economy and Infrastructure
The government of Argentina along with academics have largely focused and improving and advancing the economy and the sciences through organizations such as the Argentine Association of Political Economy.
The economy of Argentina is Latin America's third-largest, with a high quality of life and GDP per capita. An upper middle-income economy.
The country benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector and a diversified industrial base. Historically, however, Argentina's economic performance has been very uneven, in which high economic growth alternated with severe recessions, particularly during the late twentieth century, and income maldistribution and poverty increased. Early in the twentieth century it was one of the richest countries in the world and the richest in the Southern hemisphere, though it is now an upper-middle income country.
Argentina is considered an emerging market by the FTSE Global Equity Index, and is one of the G-20 major economies.
High inflation has been a weakness of the Argentine economy for decades. Officially hovering around 9% since 2006, inflation has been privately estimated at over 30%, becoming a contentious issue again. The government has manipulated inflation statistics. The urban income poverty rate has dropped below the numbers of the 2001 economic crisis Income distribution, having improved since 2002, is still considerably unequal. Argentina began a period of fiscal austerity in 2012.
Argentina ranks 100th out of 178 countries in the Transparency International's Corruption Perceptions Index for 2011. Reported problems include government corruption, lack of judicial independence, huge taxes and tariffs, and regulatory interference that undermines efficiency and productivity growth. The Kirchner administration responded to the Global financial crisis of 2008–2009 with a record public-works program, new tax cuts and subsidies, and the transfer of private pensions to the social security system. Private pension plans, which required growing subsidies to cover, were nationalized to shed a budgetary drain as well as to finance high government spending and debt obligations.
Argentina has, after its neighbour Chile, the second-highest Human Development Index, and the highest GDP per capita in purchasing power terms in Latin America. Argentina is one of the G-20 major economies, with the world's 27th largest nominal GDP, and the 19th largest by purchasing power. The country is classified as upper-middle income or a secondary emerging market by the World Bank.
Read more about this topic: Argentina
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)