Argentina is facing its worst-ever economic crisis as its GDP contracted by 10% in 2020. The government had requested the International Monetary Fund (IMF) a loan of $57 billion but received only $44 billion in 2019.
According to reports, small and medium-sized companies that provide 75% of the country's employment received the first blow. The government banned lay-offs in March 2020 for 60 days and extended it for one year. This resulted in the closure of 40,000 such companies and unemployment rose from 8.9% to 11% in 2020.
To sum it up, this is equivalent to 2.2 million people plus another 800,000 already unemployed.
The next blow was for the rural economies. The production and export of products such as corn, wheat, soybeans and meat received a harsher tariff treatment. Pres...