The Impact of Argentina's Fiscal Policy on Its Economy after the Foreign Debt Crisis and Its Implications for Other Developing Countries

After experiencing the foreign debt crisis in the early 21st century, Argentina's overall economic downward trend is obvious. During the Kirchner government from 2003 to 2015, the Kirchners switched from using economic recovery to gain public support to using welfare, which eventually led to a high debt. The Macri government from 2016 to 2019 actively promoted trade liberalization and opened financial and capital markets by rebuilding the free market mechanism. In the end, the reform failed due to the public's distrust of the government and the central bank and the withdrawal of foreign capital. The excessive money issuance of the Fernandez government from the end of 2019 to the end of 2023 seems to have become the last straw that overwhelmed the Argentine economy. Despite the replacement of several governments, Argentina has been slow to get out of the predicament of inflation and the difficulty of developing its economy. The reason is that Argentina's domestic industry is backward and lacks refined control over foreign exchange, and its government cannot completely gain the trust of the people. In the short term, it is difficult for Argentina to break the current deadlock