The fundamental challenge for whoever wins Argentina’s 2023 election, as for so many of their predecessors, is how to reverse the country’s long decline. Historians and others have sought to explain why Argentina has fallen back in global economic rankings over the last 100 years. In the 1920s Argentina was one of the ten wealthiest countries in the world, measured in terms of GDP per capita. By the beginning of the 2020s, however, it had fallen to around 65th in the global ranking, as measured on a purchasing power parity (PPP) basis by the IMF. On other measures Argentina is even further down the ranking. Understanding the structural and long-term factors at work in this prolonged decline might help the country’s next president to at least begin to turn the process around.
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