The economic recovery was made possible by an increase in consumer activity and investment from enterprises, as well as a steady increase in the supply of goods from the agricultural and mining sectors. At the same time, compared to the third quarter of last year, Argentina's gross domestic product decreased by 2.1%, which indicates that the recovery period has just begun.
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The economy resumed its growth a year after Javier Miley took office as President of Argentina. During this period, government spending was significantly cut and government regulation of the economy was significantly reduced, the Financial Times notes. The measures he introduced helped to reduce inflation, which previously reached triple digits.
Experts predict a 3% reduction in Argentina's GDP by the end of 2024 and an increase of 5.2% in 2025. If this result is achieved, GDP per capita will return to the post-pandemic level in 2021.
At the beginning of the year, we wrote that Argentina, with 200% inflation, could outpace Venezuela in terms of the degree of economic crisis.
