THE past four years have seen a remarkable turnaround in Argentina's economy. In 1989, its inflation rate was 4,900 per cent. By the end of last year, it had dropped to 15 per cent.
This year, it is expected to be around 12 per cent.
These statistics tell the story of how a country once wracked by hyper-inflation and economic stagnation can change to one of political and economic stability.
This change, of course, in Argentina coincides with the election of Mr Carlos Menem as president in 1989.
Argentina's return to the democratic path did not begin with the election of Mr Menem. Rather, Mr Menem is a product of the political changes started in Argentina by his predecessor Mr Raul Alfonsin.
When Mr Alfonsin handed over the presidency to Mr Menem in 1989 after free elections, it was the first time a democratically elected president handed over office to an elected president from another party in Argentina's 180-year history.
