Spanish – During the first years of the last century, in Europe, especially in France, Italy, and Spain, there was a phrase that referred to the wealth of Argentina. It summarized some envy and admiration. The opulence was described with the words: “rich as an Argentinean.” As the tango says of that country, “only the reflection remains.” From the number one position in the world ranking of per capita income in 1895, today we fight the list of descent as the last ones in the table.
Argentina ranks number 36 on the World Economic Forum’s list of 41 nations in terms of competitiveness. The first ones are Finland, Sweden, Denmark, and the Netherlands. The United States and Japan are a little bit further behind with 17 and 19, respectively. Other neighbors in the region, such as Chile and Brazil, appear in the middle of the table. Argentina is relegated to the last places with Greece, Hungary, and Turkey.
According to the WEF, the country fails to “Increase incentives to direct financial resources towards long-term investments, strengthen stability and expand inclusion” and “facilitate the creation of “markets of tomorrow,” especially in areas that require public-private collaboration.” Another area where Argentina is lacking is “ensuring public institutions embed strong governance principles and a long-term vision and build trust by serving their citizens.”
Recent drop in economic activity
This afternoon, the official institute of statistics (INDEC) confirmed that the national economy once again showed a strong contraction in the last quarter: 10.2%. The report of the government agency also highlights that private consumption fell by 14.7% and that investment fell by 10.3%.
During the year, international trade showed worrying data. In terms of imports, the fall was finally 22%, and exports fell by 17%.