wikipedia | The 1998–2002 Argentine great depression was a major economic depression that began in the third quarter of 1998 and lasted till the second quarter of 2002.[1][2][3][4][5][6][7] It almost immediately followed the great depression of 1974–1990 after a brief period of economic growth.[6]
The depression, which began due to the Russian and Brazilian financial crises and worsened after the dot-com bubble burst,[1][2]
caused widespread unemployment, riots, the fall of the government, a
default on the country’s foreign debt, the rise of alternative
currencies and the end of the peso’s fixed exchange rate to the US
dollar.[1][2] The economy shrank by 28 percent.[3][7] Over 50 percent of Argentines were poor, and the indigents amounted 25 percent; seven out of ten Argentine children were poor.[2][7]
By 2002 GDP growth had returned, surprising economists and the business media,[8][9] and the economy began to grow at an average 9% per year.[10][11]
In 2005, Argentina’s GDP exceeded pre-crisis level. As of 2013, the
default had not been completely resolved, although the government had
repaid its IMF loans in full.
