Economy

Infographic: A painful three-year recession

27th August 2020

By The Essential Staff

Infographic: A painful three-year recession

As the government aims its artillery towards Mauricio Macri’s economic legacy, arguing it was even more damaging than the pandemic, the latest economic data shows how much the country has declined in the last three years.

</p> <img class="wp-image-10739 aligncenter" src="https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01.jpg" alt="Argentina has faced three consecutive years of recession, with 2020 being the worst" width="667" height="433" srcset="https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01.jpg 2500w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-300x195.jpg 300w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-1024x665.jpg 1024w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-768x499.jpg 768w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-1536x998.jpg 1536w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-2048x1330.jpg 2048w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-01-600x390.jpg 600w" sizes="(max-width: 667px) 100vw, 667px" /> <p>The recession that began with Macri&#8217;s debt crisis in 2018 reached new depths with the start of the pandemic, and so far any sign of a <a href="https://gettheessential.com/economy/2020/08/13/will-argentinas-economy-bounce-after-the-pandemic">bounceback</a> has been very mild, only improving when compared with the strictest phase of the lockdown.</p> <p>Data from the <a href="http://www.ojf.com/index.php?option=com_content&amp;view=article&amp;id=55&amp;Itemid=19&amp;lang=es">latest reports</a> on economic activity by the Orlando Ferreres consultancy agency shows red across the board, with activity levels still declining at a similar rate than during the worst days of Macri&#8217;s administration, 9% in July 2020 when compared with the same month of 2019. Worryingly, the index continues to edge closer to the base levels of &#8220;100&#8221;, which represent the activity rates seen almost three decades ago in 1993.</p> <img class="wp-image-10738 aligncenter" src="https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02.jpg" alt="Industrial activity has still not recovered from the levels seen before the COVID-19 lockdown, despite many reopenings over the last few months" width="668" height="434" srcset="https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02.jpg 2500w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-300x195.jpg 300w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-1024x665.jpg 1024w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-768x499.jpg 768w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-1536x998.jpg 1536w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-2048x1330.jpg 2048w, https://gettheessential.com/wp-content/uploads/2020/08/27-ago-02-600x390.jpg 600w" sizes="(max-width: 668px) 100vw, 668px" /> <p>&nbsp;</p> <p>Fernández&#8217;s team has pointed to some signs of optimism in the industrial sector, which has re-opened progressively over the last few months, but the data also suggests that the recovery is still below the levels of Macri&#8217;s recession, and even further from the decades&#8217; average, though to be fair to Fernández the real economy has still not bounced to pre-pandemic levels in almost any other country in the world.</p> <p>

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The Essential Staff

The Essential is a premium subscription-based news platform that brings you high quality journalism and in-depth coverage in English about the changing face of Argentina’s politics and economy.