Member of: AfDB, AG (observer), Australia Group, BCIE, CCC, ECLAC,
FAO, G- 6, G-11, G-15, G-19, G-24, G-77, GATT, IADB, IAEA, IBRD, ICAO,
ICC, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, INMARSAT,
INTELSAT, INTERPOL, IOC, IOM, ISO, ITU, LAES, LAIA, MERCOSUR, MINURSO,
MTCR, NSG (observer), OAS, ONUSAL, OPANAL, PCA, RG, UN, UNAVEM II,
UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIKOM, UNITAR, UNMIH, UNOMOZ,
UNPROFOR, UNTSO, UNU, UPU, WCL, WFTU, WHO, WIPO, WMO, WTO
Diplomatic representation in US: chief of mission: Ambassador Raul Enrique GRANILLO OCAMPO chancery: 1600 New Hampshire Avenue NW, Washington, DC 20009 telephone: [1] (202) 939-6400 through 6403 consulate(s) general: Atlanta, Chicago, Houston, Los Angeles, Miami, New Orleans, New York, San Francisco, and San Juan (Puerto Rico)
US diplomatic representation: chief of mission: Ambassador James R. CHEEK embassy: 4300 Colombia, 1425 Buenos Aires mailing address: Unit 4334; APO AA 34034 telephone: [54] (1) 777-4533, 4534 FAX: [54] (1) 777-0197
Flag: three equal horizontal bands of light blue (top), white, and light blue; centered in the white band is a radiant yellow sun with a human face known as the Sun of May
@Argentina:Economy
Overview: Argentina, rich in natural resources, benefits also from a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, following decades of mismanagement and statist policies, the economy in the late 1980s was plagued with huge external debts and recurring bouts of hyperinflation. Elected in 1989, in the depths of recession, President MENEM has implemented a comprehensive economic restructuring program that shows signs of putting Argentina on a path of stable, sustainable growth. Argentina's currency has traded at par with the US dollar since April 1991, and inflation has fallen to its lowest level in 20 years. Argentines have responded to the relative price stability by repatriating flight capital and investing in domestic industry. The economy registered an impressive 6% advance in 1994, fueled largely by inflows of foreign capital and strong domestic consumption spending. The government's major short term objective is encouraging exports, e.g., by reducing domestic costs of production. At the start of 1995, the government had to deal with the spillover from international financial movements associated with the devaluation of the Mexican peso. In addition, unemployment had become a serious issue for the government. Despite average annual 7% growth in 1991-94, unemployment surprisingly has doubled - due mostly to layoffs in government bureaus and in privatized industrial firms and utilities and, to a lesser degree, to illegal immigration. Much remains to be done in the 1990s in dismantling the old statist barriers to growth, extending the recent economic gains, and bringing down the rate of unemployment.
National product: GDP - purchasing power parity - $270.8 billion (1994 est.)
National product real growth rate: 6% (1994 est.)
National product per capita: $7,990 (1994 est.)
Inflation rate (consumer prices): 3.9% (1994 est.)