Argentina at a Glance
Working in Argentina
Argentina is currently recovering from a series of financial crises.
Working in Argentina may have suffered from a negative reputation in the recent past: The country was seriously affected by economic crises starting in the 1990s. In 1913, the countless immigrants working in Argentina had made it the 10th wealthiest nation worldwide. However, it dropped to the rank of 69th most affluent country in 2011.
Several years of depression in the late 1990s led to a number of socio-economic problems. Argentina suffered from rising fiscal deficits and external debt. Additionally, entrepreneurs worried about the capital flight to other nations. High inflation and astronomical prices discouraged the lower classes and middle classes working in Argentina, and unemployment increased drastically.
Working in Argentina: Overcoming the Crisis
In 2001/2002, the resulting social tensions – with about 60 % of the population living under the poverty line – erupted in political turmoil and public riots. Fortunately for today’s active population working in Argentina, the economy is on the mend. Although economic growth experienced a temporary setback during the recession of 2008/2009, experts estimated a growth rate of 8-9% for 2010 and 2011.
Due to the economic recovery, working in Argentina has again become an attractive option for expatriates. Inflation continues to be high, due to the government’s expansionary monetary politics, but unemployment decreased to below 7% in 2011: Some independent experts, though, estimated that these official figures might be too low and that fewer people were actually working in Argentina.
Working in Argentina: Economic Overview
Nevertheless, there is much to be said in favor of working in Argentina. The country is rich in natural resources, such as lead, zinc, or iron ore, and energy sources like petroleum and uranium.
Moreover, while agriculture only accounts for 5% of the labor force working in Argentina, its export-oriented agribusiness is extremely important. Food-processing is a major sub-sector of the diversified industrial landscape, in which 23% of the active populace is currently working in Argentina.
The service sector is by far the most important branch of Argentina’s economy. Not only does it account for nearly 60% of the GDP, but over 70% of all people working in Argentina are employed in the service industry. Buenos Aires in particular is a veritable hub for those working in Argentina’s tertiary sector.
Working in Argentina: Future Growth Industries
The World Bank confirmed the country’s economic upturn for the bicentennial in 2010, and the economic development in 2011 also remained largely positive – great news for foreigners who consider working in Argentina.
Besides the increasing economic growth, investment in Argentina and personal consumption are on the upswing. Together with the excellent educational level of people working in Argentina, this positive development has led to a greater interest in high-tech products and services.
Technology-related products are hopefully bound to become another strong pillar among Argentina’s exports. Fields such as bio-tech, IT, nano-technology, military defense, and aerospace offer a wealth of opportunities for foreign specialists working in Argentina.
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