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With a Gross Domestic Product (GDP) of approximately US$640 billion, Argentina is one of the largest economies in Latin America.

Argentina has vast natural resources in energy and agriculture. Within its 2.8 million square kilometers of territory, Argentina is endowed with extraordinary fertile lands, gas, and lithium reserves, and has great potential for renewable energy. Argentina is a leading food producer with large-scale agricultural and livestock industries.  In addition, Argentina has significant opportunities in some manufacturing subsectors, and innovative services in high tech industries. 

The economy contracted by 1.6 percent in 2023, due to persistent macroeconomic imbalances and a severe drought that led to a 26 percent decline in agricultural production over the year. 

Real GDP is estimated to contract by an additional 2.8 percent in 2024, due to the stabilization plan being implemented by the new government, which includes the realignment of relative prices and the elimination of fiscal and external imbalances. The economy is expected to grow by 5 percent in 2025, driven by improved weather conditions, investments in the energy sector, and the normalization of agricultural production.   

Inflation rose sharply in December 2023, driven by the effect of a devaluation of the official exchange rate and the removal of price controls. Month-over-month inflation peaked at 25.5 percent in December, declining to 13.2 percent by February. The government implemented social protection measures that included doubling in nominal terms the main social programs (universal child allowance and food support) and extraordinary bonuses for low-income retirees. Although social assistance is well targeted, the real value of social benefits, including pensions and social transfers, has fallen by 30 percent year-on-year by February 2024. 

Argentina is under a 30-months Extended Fund Facility (EFF) with the International Monetary Fund (IMF). In January 2024, the IMF Executive Board completed the seventh review of the program. In line with the government's new program, the EFF is focused on implementing a sound fiscal consolidation plan with the objective of achieving a primary surplus of 2 percent of GDP by 2024. This fiscal consolidation plan, coupled with a supportive monetary stance to combat inflation and simplification of the foreign exchange (FX) regime, is expected to result in an accumulation of approximately $10 billion in net international reserves by the end of 2024.   

The stabilization program implemented by the new administration has yielded fiscal results. In January and February 2024, Argentina ran fiscal surpluses for the first time in many years. Inflation is also starting to come down, but it remains at high levels. Country risk has also fallen, from 2,100 points in January to 1,432 in March 2024. However, it remains one of the highest in the region.

Last Updated: Apr 02, 2024


Argentina: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

Additional Resources

Country Office Contacts

Bouchard 547, piso 29 CP1106. Buenos Aires
+5411 4316-9700