Nearly 16,000 textile and shoe factory workers have lost their jobs in the last year in Argentina, including nearly a quarter of all shoe sector workers. And the outlook is darkening: the peso currency has tumbled, interest rates are above 60% and annual inflation nearly 54%.
The economic activity is at minimum levels since 2001, with consumption falls in 42 months of Mauricio Macri’s 45 months in office. Since Macri took power in 2015 after defeating the candidate of Kirchnerismo, inflation has accumulated more than 290%, dollar has rocketed to 560% (from 9.84 pesos in 2015 to current 65 pesos), the price for electricity 3,240.1%, gas 4,096.3%. Argentina’s public debt grew more than 50% between December 2015 and June 2019, which represents an amount of more than $334 billion. In that period, $73,160 million also left the country.