(Editor's note: In the full analysis published on Nov. 3, 2003, 2004 GDP for Argentina in Chart 2 was misstated. The correct figure is 4.5%. A corrected version follows.) The administration of President Nestor Kirchner faces a difficult challenge in shifting economic policy from short-term stabilization toward longer-term sustainable growth while addressing the needs of a population that has suffered a sharp fall in living standards (GDP fell cumulatively by around 20% during 1998-2002). Progress will depend, among other things, upon maintaining working relations with the International Monetary Fund (IMF), remaining current on multilateral debt, devising a credible plan to rebuild the financial system, and beginning the difficult process of debt renegotiation. Once Argentina emerges from default (where it was
