A painful short term outlook

D4

HIGH RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in May 2024.

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GDP USD 632.8bn (World ranking 22, World Bank 2022)
Population 46.2mn (World ranking 33, World Bank 2022)
Form of state Presidential republic
Head of state Javier Milei  (President)
Next elections 2025, legislative
  • Rich natural resources (notably oil & gas)
  • Highly literate population
  • Diversified industrial base
  • Major agricultural exporter – notably soya and wheat
  • Large economy and domestic market, one of G-20 major economies 
  • Has made significant progress towards a digital transformation
  • Structurally high, skyrocketing inflation
  • Macroeconomic imbalances and weakened institutional framework
  • Nine sovereign defaults, two in the past 20 years
  • Capital controls in a context of recurring FX shortages
  • Weak currency
  • Political instability

Trade structure by destination/origin

(% of total, annual 2022)

Exports Rank Imports
Brazil 14.3%
1
21.5% China
China 9.0%
2
19.6% Brazil
United States 7.6%
3
12.7% United States
Chile 5.7%
4
3.3% Germany
India 5.1%
5
2.7% Bolivia

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Cereals and cereal preparations 18%
1
9.6% Road vehicles
Feedstuff for animals (excluding unmilled cereals) 14.7%
2
8.6% Petroleum, petroleum products and related materials
Fixed vegetable oils and fats, crude, refined or fractionated 8.8%
3
5.6% Other industrial machinery and parts
Road vehicles 6.8%
4
5.4% Office machines and automatic data processing machines
Petroleum, petroleum products and related materials 4.6%
5
5.3% Organic chemicals
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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