The following Commercial practice note Produced in partnership with Diego Krischcautzky of Marval, O'Farrell & Mairal with the collaboration of María Eugenia Carbó provides comprehensive and up to date legal information covering:
Updated August 2020
The Argentine Republic is sub-divided in 23 provinces and one federal district, the City of Buenos Aires, the nation’s Federal Capital. Located at the south-east tip of South America, Argentina is the eighth largest country in the world and the second largest in Latin America, covering some 3.8 million square kilometres (approximately 1.5 million square miles). Argentina has an estimated population of over 44 million people, of which approximately 15 million live in the Greater Buenos Aires. The overall population density is about 15 persons per square kilometres.
With a Gross Domestic Product (GDP) of approximately $US 450bn, Argentina is one of the largest economies in Latin America. However, the historical volatility of economic growth and the accumulation of institutional obstacles have been a hurdle to the country’s development. Urban poverty in Argentina remains high and reaches over 30% of population, according to pre-pandemic measurements. The coronavirus (COVID-19) crisis led to an extended lockdown on the major productive areas, which is expected worsen the situation, along with a steep contraction of the GDP.
On a positive note, Argentina has recently announced an agreement with international creditors of its foreign law-governed bonds; which will lead the country out of a new default. In the upcoming months, Argentina will also focus in renegotiating the 57-billion IMF loan. In any case, Argentina’s economy was in a
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