BUENOS AIRES, Dec. 2 (UPI) -- More than 30 companies have been closing each day in Argentina for the past 1 1/2 years, with a net loss of more than 236,000 jobs, according to a report from the Center for Political Economy of Argentina based on official data from the Superintendence of Occupational Risks.
A few days ago, U.S.-based Whirlpool announced the dismissal of 220 workers after shutting down its plant in Pilar, on the northern outskirts of Buenos Aires. The plant is ceasing operations because of falling sales and competition from cheaper imported products, factors that made continued operations in the country unviable.
The company's decision adds to a growing list of domestic and foreign firms that have stopped operating over the past 20 months. The wave of closures reflects the economic and structural challenges facing Argentina's productive sectors, with a direct impact on formal employment and the country's industrial capacity.
Hernán Letcher, director of the Center for Political Economy of Argentina, told UPI that public data show about 19,200 companies have closed since President Javier Milei took office, with an estimated average of 32 closures a day through August.
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