Argentina

The Republic of Argentina is located in South America, approximately between latitudes 23°S (Tropic of Capricorn) and 55°S (Cape Horn). The Andes separates the country from Chile in the west, and it borders Bolivia and Paraguay in the north and Brazil, Uruguay, and the South Atlantic Ocean to the east.

Argentina's population and culture were heavily shaped by immigrants from all over Europe, but particularly from Italy and Spain, which provided the largest percentage of newcomers from 1860 to 1930. The Republic of Argentina is made up of 23 provinces plus the Autonomous City of Buenos Aires, its capital. The official language of Argentina is Spanish, and the currency is the peso (ARS). Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.

During the period 2019-2023, Alberto Fernández was the president of the country. His government faced a pandemic, a war, and a very deep drought. Although the economy expanded in 2021 and 2022, a number of macroeconomic imbalances continued to have an impact on the country. In this sense, by the end of Alberto Fernández's government period, inflation reached the highest levels since the 1990s, exchange restrictions were highly increased, the exchange gap reached a record near 200%, and the poverty levels finished at 40.1%.

In this challenging panorama, Javier Milei, a political outsider, assumed the presidency in December 2023, which confirmed a social discontent regarding the country's situation. In the first days of government, the new administration carried out measures that included a fiscal adjustment with the aim of reaching balance in 2024 and a devaluation of the official exchange rate of 54%. The aforementioned depreciation, although it reduced the exchange gap, had an impact on the inflation levels. Parallel to this, the National Executive Branch issued an Emergency Decree (DNU) and summoned the National Congress for extraordinary sessions to discuss a bill including comprehensive deregulations and the repeal of laws and sectoral economic regimes. Despite these measures, the national economic context remains uncertain and challenging given the imbalances that take place in the country.

PwC Argentina has a staff of more than 6,200 professionals, made up of accountants, lawyers, graduates in economics, and international trade management. PwC provides a multidisciplinary and coordinated approach to create integrated solutions tailored to the client’s needs.