Just a few years after its worst financial debacle in history, Argentina is going through a surprising banking bonanza and experts say it is highly to continue, at least in the short- to mid-term.
The number of people unemployed worldwide remained at an historical high of nearly 200 million in 2006 despite strong global economic growth, only modest gains were made in lifting some of the 1.37 billion working poor living on less than 2 US dollars per day out of poverty, and the pattern looks set to continue this year, according to a United Nations report released Thursday.
Argentina last year posted a 12.4 billion dollar trade surplus on record exports of 46.6 billion dollars and record imports of 34.2 billion dollars, helped by an average growth of about nine percent in each of the last four years after a crippling five-year recession.
Following months of negotiations the Uruguayan government signed Thursday a controversial trade agreement with United States in spite of dissent inside the left leaning ruling coalition over how far closer links with Washington will lead.
Argentina last year exported fresh vegetables and legumes for 264 million dollars, nearly half of which were accounted for by garlic and onion, with fellow Mercosur trade partner Brazil being the main destination.
Argentine soy bean mills processed 2.68 million tons of soybeans in November, up 28.9% from the same month a year earlier, reported the Agriculture Secretariat this week in Buenos Aires.
New York City is losing its competitive edge and could give up its lead as the financial capital of the world in ten years according to a report commissioned by Mayor Michael Bloomberg and NY Senator Charles Schumer.
Several Argentine farmers associations are planning a full day of protest for next Tuesday in four main cities to express their dissatisfaction and rejection with the current agriculture policy of President Nestor Kirchner's administration.
Brazil is still far from the much coveted Investment Grade in spite of financial market speculations according to the risk rating agency Fitch Ratings which estimates that the BBB qualification will have to wait two to three years.
Five years ago in the middle of political and economic chaos Argentina defaulted and devalued the currency putting an end to a decade of a fixed exchange rate of one peso equivalent to one US dollar.