3.9 LATIN AMERICA - Argentina

According to data from the National Institute of Statistics and Census of Argentina, due to the pandemic, Argentina’s GDP in 2020 fell by 9.9% compared with 2019, and 2020 was the third consecutive year of decline. The mandatory quarantine measures taken to prevent and control the pandemic are the main reason for the severe economic downturn. The hotel and catering, fishery, construction, transportation and communications, manufacturing, mining, and other industries have experienced significant declines among them. The IMF recently predicted that Argentina’s economic growth rate would reach 4.5% in 2021.