Argentina: How a Rich Country Fell Behind
In 1960, Argentina was richer than Spain, South Korea, and Brazil. By 2024, South Korea's GDP per capita is 25× what it was — Argentina's barely moved. What happened?
Key Findings
1.
In 1960, Argentina ($778) was ahead of Spain ($488), South Korea ($158), and Brazil ($235) in GDP per capita
2.
South Korea overtook Argentina in the 1980s and never looked back — it's now 5× ahead
3.
Spain's EU accession (1986) launched decades of growth — it overtook Argentina by the 1970s
4.
Argentina suffered serial crises: hyperinflation (1989), default (2001), peso crash (2018), 200%+ inflation (2023)
5.
Chile — Argentina's neighbor — followed market reforms and now has higher GDP per capita
Where They Stand Now (2025)
Spain ($38,040), Chile ($17,181), Argentina ($14,359), Mexico ($13,967), and Brazil ($10,578).
Then vs Now
| Country | 1960 | 2025 | Growth |
|---|---|---|---|
| Spain | $408 | $38,040 | 93× |
| Chile | $516 | $17,181 | 33× |
| Argentina | $778 | $14,359 | 18× |
| Mexico | $355 | $13,967 | 39× |
| Brazil | $235 | $10,578 | 45× |
Who Grew Fastest?
Spain grew 93× since 1960, from $408 to $38,040. Argentina grew only 18× in the same period.
Argentina - Decade by Decade
| Decade | Start | End | Avg |
|---|---|---|---|
| 1960s | $778 | $1,330 | $1,074 |
| 1970s | $1,323 | $2,512 | $2,094 |
| 1980s | $2,748 | $2,375 | $3,207 |
| 1990s | $4,315 | $7,706 | $7,028 |
| 2000s | $7,637 | $8,150 | $6,013 |
| 2010s | $10,260 | $9,956 | $12,373 |
| 2020s | $8,536 | $14,359 | $12,638 |
Methodology
Data from World Bank World Development Indicators and IMF World Economic Outlook. Values in current US dollars unless stated. GDP per capita uses Atlas method. Full methodology.
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