Argentina, only country in the region with a contracting economy
More and more Argentines keep falling daily into poverty or indigence
Argentina is set to be the only country in the region experiencing negative growth in 2024, with a projected 3.2% contraction in its GDP. The country’s Monthly Estimator of Economic Activity suggests that this trend will continue, despite the economic downturn and market volatility.
Neighboring countries like Venezuela, Paraguay, and Uruguay are expected to see growth in their economies, in comparison to the decline in Argentina. The situation has led to an increase in poverty, with 52% of the population affected in the first half of 2024.
This challenging economic scenario is attributed to factors such as unemployment, low wages, and inflation. Despite the current crisis, experts believe the situation has not reached the levels of the 2001-2002 crisis.
