Argentina Country Profile
There were a large number of foreign investors and immigrants who came to Europe around 1850 and led to a reinvention of Argentina. Between 1880 and 1929, the country enjoyed a higher level of prosperity especially in terms of economic parameters. For some time, the country was dominated by the Conservative elements who ruled from 1874-1916 through National Autonomist Party until 1916 when first actually free elections were held in the country to bring Radical Civic Union to power. There were a large number if reforms put in place by the president from 1916-1922 and 1928-1930. After World War II, Colonel Juan Domingo came to power in 1946. From 1946 to 1952, Evita raised her voice for labour rights. She was the wife of Colonel. There were certain powers which were given to the working class with the efforts of Evita and Juan. In 1950, the country had 5 million people in the labour force which made it a country with most unions in the Latin America. There was a clash between religious and political class because oligarchy was not happy with the steps taken by government to empower labour class.
Argentine is located in South America and is extended over more than one million squared acres. Only Brazil has more area than it in Latin America. Eastern borders are shared by Brazil, Uruguay and the Atlantic Ocean. Chile has an extended border with the country. In the west, Andes Mountains separate the country from Chile and there is a downward slope towards the Atlantic Ocean from there. There is a considerable variety in the geographical landscape of Argentina and is divided into four regions based on topography. Plains are called the Pampas, Patagonia, The Andes and their foothills and the Northeast. The plains are subdivided into Eastern and Central Argentina. Patagonia lies to the South of Pampas and consists of arid and windy plateaus. Northwest region makes up around 20% of the whole country. Climate varies across the country with the hottest region in Northern part of the country. There are lower temperatures shown in Patagonia towards the Southern part of country. There are very less rains in winters CITATION OSU14 \l 1033 (OSU).
The major spoken and understood language in Argentine is Spanish which is considered as first and second language in the country. English is also an important language and it is compulsory to study English as a language in many provinces of the country. The country is the only one in Latin America which is characterized by a high aptitude in English. Some other languages like Guarani and Quechua are also spoken and understood in the country. German is also an important language in the country with around 400000 speakers in all. There is no announced or particular official language except in the provinces of Chaco and Corrientes. Various modes of Spanish language are used in different parts of country. Aymaran languages are a family of two languages from the area of Central Andes which have interacted with the Quechuan languages and have influenced each other greatly. There have been many immigrants who speak Aymaran languages.
Country practices freedom of religion that is provided to all citizens by the constitution. Major religion is the Roman Catholic Church that maintains its official status. There is no compulsion for the president and vice president from any particular religion. There is an increased tilt towards interfaith harmony dialogue in the country. Various groups live in peace and harmony but they are not equal to each other. In 1992, there were 2986 religious groups which were formally registered by the Ministry of Religious Affairs. There has been a religious change in the country over a period of 1995-2008. There were fewer followers of Catholic and increased followers of Protestant or no religion people. In 1995, Catholics represented 88 % of total population of the country. In 2001, this percentage fell to 70%. Roman Catholic Church in Argentine dates back to 1536CITATION htt09 \l 1033 (prolades).
Argentine has a population of 44.78 million in 2019 showing a population density of just 14 people per square Km which ranks 212 in the world. Buenos Aires is the capital and largest city of country with a population of 3 million. 92% of people in Argentina live in cities with 10 cities accommodating almost half of country’s population. There is a large number of immigrants in the country making it a diverse country. There were more than 6.6 million immigrants coming here in 18th and 19th centuries. There are many ethnic groups in the country, mostly from European ethnic groups with more than half people having Italian origins. A large number of people from Syria and Lebanon also form an important part of country’s population. The country has an aging population which means that there are more and more people above 60 years every passing day. Seniors account for 11 % of total population whereas people under 15 years of age account for 26 % of population. Argentina took independence from Spain 1816 and first consensus was held in 1969 showing 1830214 people living in the country. By the year 1960, country had settled in a pattern where population surveys were carried out after every 10 years. There is a very slow growth in population at 1% per annum but it is expected to slow down furtherCITATION htt192 \l 1033 (world populationreview).
The economy of Argentina is in a recession because it has adopted a strategy of reduction in fiscal deficit with the reliance on foreign financing and tight monetary policy gave rise to many problems. In 2018, there was a drought that hit the whole country which slowed the currency inflows to country. There was a considerable devaluation in the currency of Argentina giving out negative picture of the market over a period of time. People were not confident about the economic situation of country and they decreased demand of various products ending growth phase of 7 quarters. A huge rise in public debt was seen as a result of currency depreciation. There was a rapid response to these changes by the institutions making macroeconomic policies for the country. The strict monetary policy will decrease demand in the short run but in the long run, it will help to decrease various imbalances. Current account deficit will decrease overtime and exports will also increase because of a depreciated exchange rate. There will be a long period of time before public confidence in the economic affairs can be regained especially if there is a strong effect of contractionary policies or there are abrupt changes in the market. There are lesser external risks because country is improving on the deficits on fiscal and current accounts. The aims for economy show that there must be a better result in 2019 and GDP surplus should remain 1 % over the period of time. This will require a strong effort from inside of the country and a decline in domestic demand. There are many political issues but the slowness of economy will be further enhanced if these policies are successfully implemented. Authorities will have to stick all of their targets if they want to resolve serious macroeconomic issues. Country has found it difficult to bring down the rate of inflation. The central bank has not been able to implement the monetary policy in its full effect so inflation has not been targeted any more by it and the base index has to be kept constant till July 2019. The exchange rate is determined by its demand and supply allowing for very little intervention from government if the exchange rate slips out of the set limits. Growth has been kept at a certain level by the current administration. A recession hit the economy in 2018 which raise poverty and resulted in inclusion of lesser people in the growth process. Social policy will be used to include more and more people in the economic growth process. Fiscal target will allow the expansion of benefits to lower –income groups of the country. Another big issue is that the country has very less integration in the world economy as compared to other emerging market-economies. The country needs to reduce trade barriers so that more and more countries can trade to and from the country. Country has to invest more and more in the education and health sectors so that there are new skills for people to learn and apply. Country needs policies which will help people in changing their jobs from one industry to another CITATION OEC19 \l 1033 (OECD). There has been a reversal of capital inflows which has resulted in the reduction of liquidity and country has to turn to IMF for recovery. Country has to make sure that there is a reduction in fiscal deficit according to the set objectives with a special focus on reducing the expenditures undertaken by the country. There is a recession going on which will reduce the standards of social conditions of people. The expenditures related to social reforms should be handled carefully without decreasing critical spending like health and education. Poverty levels have to be controlled so that no extra spending has to be made on social factors. A large percentage of debt is in the foreign currency which exposes the country to foreign currency risk. Country has to develop a market which can offer loans to public sector in form of bonds. Value added taxes which do not have extensive impact on the society will decrease revenues to a certain extent. Country has to broaden the VAT base so that it affects the social classes. Payment of income taxes is very low as compared to the total population. The income tax rate can be reduced so that more and more people can come in tax brackets. Central bank is not an independent institution which does not allow the country to control inflation. There should be planned steps to make sure that Central bank becomes independent and credible. There has been an effective campaign against corruption but the anti-corruption department does not have the required powers and autonomy. Country should make sure that anti-corruption office has adequate resources at hand and is autonomous at the same time. The population of country is aging and there are special pension plans for selected professions. Government has to make sure that these special pension regimes are properly aligned with general pension rules so that no particular profession enjoys extra benefits. Although the country spends high amounts in education, the results are not very effective.
The country has 13.9% of its land as arable, 0.4% of land is used for permanent crops including soya beans, wheat and Maize. Major use of land is permanent pastures which account for 39.6% of the total land. Forests account for 10.7% of land and other uses account for the remaining 35.4 % of land.
BIBLIOGRAPHY OECD. "http://www.oecd.org/economy/surveys/Argentina-2019-OECD-economic-survey-overview.pdf." March 2019. http://www.oecd.org. 6 November 2019.
OSU. "https://cpb-us-w2.wpmucdn.com/u.osu.edu/dist/9/1401/files/2014/02/Argentina-1h41gox.pdf." February 2014. https://cpb-us-w2.wpmucdn.com/u.osu.edu/dist/9/1401/files/2014/02/Argentina-1h41gox.pdf. 6 November 2019.
prolades. "http://www.prolades.com/encyclopedia/countries/english/religion_in_argentina_2009.pdf." May 2009. http://www.prolades.com. 6 November 2019.
world populationreview. "http://worldpopulationreview.com/countries/argentina-population/." 2019. http://worldpopulationreview.com/countries/argentina-population/. 6 November 2019.
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