By: Soleil Garcia Villanueva
The Argentine Great Depression was an economic depression. The country has a history of chronic economic, monetary, and political problems. In 2001, due to several macroeconomic reasons, their economy collapsed. Now with the global pandemic and lockdown, the economy is even worse.
Now affected by COVID 19 Argentina is producing less every day, making huge impacts on the country’s production in general. The government was already in danger but, when the quarantine started, they had problems keeping up. Now, they do not know how to get out of this situation (Bloomberg, 2020). The country has not only been affected in physical and psychological health. The government is in an "economic shock", which means that Argentina is at one of its lowest points right now. The economy contracted 4.8% in the first quarter from the previous three months, returning to levels last seen at end-2009, while unemployment rose to 10.4%. "With the country in quarantine and the companies losing revenue, the share of firms, suspending workers has soared (...) A pandemic was the last thing Latin America’s third-largest economy needed (...). Can Argentina stay in lockdown with the economy failing? Moreover, about 50,000 people are infected in Argentina but, because of its economic crisis, healthcare and many other services are not available. Additionally, people have lost their jobs, contributing to the failure in the economy in the government and families in Argentina.
From my point of view, the Argentine government should be more vigilant because you never know when something like a pandemic is going to come. Overall, knowing this is important because it would prevent Argentina from suffering this again in the future and help the economy of the country.
Bibliography:
“Argentina's Economic Crisis Causes and Cures.” ResearchGate, 2020
Gillespie, Patrick. “Argentina's Economic Crisis Poised to Go from Bad to Worse.” News | Al Jazeera, Al Jazeera, 23 June 2020
In Focus. “Argentina's Economic Crisis and Default.” Congressional Research Service, 15 June 2020
Pérez, Santiago, and Ryan Dube. “Why Argentina Faces an Economic Crisis. Again.” The Wall Street Journal, Dow Jones & Company, 25 Sept. 2019