How Argentina recovers from its economic crises
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Economic crises can mean something of a different scale in Argentina. The growth periods can go higher than elsewhere at times, but the downturns often also reach lower.
Take Brazil as a comparison: according to World Bank data, the Latin American giant had recessions as most do, but never saw a year in which the economy shrank by more than 4 percent in contemporary history, a figure that was breached eight times by Argentina in the same period. 2015-2016 was also the first time with two consecutive years of contraction since Brazilian numbers are available, paling next to Argentina’s 1998-2002 recession, while unemployment never reached the peaks of near 20 percent that Buenos Aires has been known for either.
Argentine crises often come with a more traumatic dimension. Their sheer size turns them into milestones for those who went through them, recalling the 2001 corralito, the 1989 hyperinflation, the 1981 credit crunch or the 1975 Rodrigazo as war stories to tell their kids, hopefully readying the coming generation for the next time the ground opens up below.