Possible challenges and opportunities facing Argentina Research Paper

Possible challenges and opportunities facing Argentina - Research Paper Example For example, business people come together at an international level to brainstorm about business policies. Economic expansion is the increase in level of services and goods and increase in level of economic activities. Gross Domestic product (GDP) is used to measure level of economic expansion. GDP is the total value of goods and services produced within the country’s boarder. An increase in gross domestic product of a country implies that economy is expanding while decrease in GDP will imply decline in economy (Eitzen and Zinn 22). Challenges and Opportunities Facing Argentina One of the opportunities that exist in Argentina is the possibility of increased trade output. Though Argentina is facing a number of challenges, there exist an opportunity of a wider market that has opened up due to globalization. The country can now expand its production potential in various industries, especially, food processing sector to cater for the wider market. This will enable the country to improve its balance of trade, strengthen its domestic currency and improve its GDP. However, this opportunity gives rise to a challenge to the government in developing a sound economic strategy to create an environment for expansion of industries (Nayyar 94). The government can, however, take advantage of the greater access to knowledge and resource people to develop a sound strategy. Argentina has the opportunity to develop specialized skills among its population and utilize superior technology in its production. Globalization provides an opportunity for Argentina to access the latest technological improvement in the world. This provides it with the most effective methods of production. The producers are able to reduce the cost of production, apply specialization and improve the quality of the final product for both internal and external market. As a result the producers can hire more workers, and improve quality leading to better standards of living. The producers also face the ch allenge of high cost of acquiring external experts to impart skills to the citizens in the country. It is also a challenge to obtain the initial capital to obtain the superior equipment technology equipment due to high initial cost (Greenaway et al 51). Argentina can use globalization to obtain foreign investor to invest in the sectors identified as of key interest. This will enable the government to rip from the benefit of increased output and access of products in the country as well as training of the local citizens on technical knowledge. There exists an opportunity for government’s improvement of its transparency and accountability to its citizens. In the past Argentina has been faced with a challenge of rampant corruption within the government which has made growth and development in the country difficult task. Globalization has introduced external checks to the government operations pressuring the government to be accountable to its citizens. The government can therefo re not misuse its power over public resources (Greenaway et al 34). This leads to government acting in the interest of the citizens in all its dealings. As a result public properties are utilized to better the life of the citizens resulting into better pay, reduced poverty and improvement in the country. Globalisation and poverty go hand in hand especially in a country such as Argentina where we find that most peoples are farmers. Food processing industries are very important in Argentina economy since they employ most of the people in Argentina. The practices that occur in these industries play a key role in minimizing the level of poverty in the country (Eitzen and Zinn 43). In consideration of Argentina