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GIORGIO'S HOUSE
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GIORGIO'S HOUSE
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Argentina Economic Boom
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The Argentine economy began to experience swift growth after 1875 through the export of livestock and grain commodities, however, as well as through British and French investment, marking the beginning of a significant era of economic expansion. During its most vigorous period, from 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP, averaging about 8% annually.
In recent decades, Argentina drew most of its immigrants from
neighboring Bolivia, Paraguay and Peru and before that lured millions of
Europeans, drawn by the country's natural resources wealth, which made
its people among the world's 10 richest at the end of World War II.
But its allure vanished when its economy contracted by one-fifth during a
1999-2002 recession, and the peso currency plummeted about 70
percent in value against the dollar.
But now that the country's gross domestic product is growing for the third
straight year at an annual rate of more than 8 percent, there are signs
that Argentina is returning to its long-time role as a magnet for
impoverished foreigners.
Immigration was central to Argentina's development
Like immigration, foreign investment played a central role in Argentina's economic development.
TODAY (2010): Today there is a global economic crisis for this reason after years of expansion Argentina economy is also suffering a little but the future looks brighter
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The Spirit of Giorgio's House is to be....Friends first of all. :o)
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