To South America, where last Friday saw Argentina's central bank hiked benchmark interest rates to 40-percent from 33-and-a-quarter to support the Argentine peso. Argentina's currency has lost a quarter of its value since 2017. Both inflation and the fiscal deficit are high, and though Mauricio Macri's government has been widely lauded in financial circles for its pro-business stance, Argentina's economy is still struggling. CGTN's Joel Richards takes a closer look.

The Buenos Aires book fair taking place this month is one of the most important literary events in the Spanish-speaking world. The three-week festival generates a welcome boost in sales for publishing houses, but this is a sector that is struggling in Argentina's faltering economy.

GRACIELA ROSENBERG, PRESIDENT ARGENTINE BOOK CHAMBER "Bookshops are the most affected. They have high running costs with tariffs (going up) and other costs. The sector is not doing well, but editors are used to these ups and downs and we try to keep going."

JOEL RICHARDS BUENOS AIRES "According to the Argentine Book Chamber sales are down 30% since 2015. But this sector, and many other sectors of the Argentina economy, is also facing difficulty with inflation and rising gas and electricity bills."

The government is removing long-standing subsidies to reduce the fiscal deficit. But tariff hikes for consumers and business are adding to inflation. The government's aim is 15% inflation this year, but most analysts expect a figure of over 20%. And dramatically, as emerging markets suffered the U.S. dollar's rise last week, Argentina was one of the worst hit. The peso is now the worst performing currency in the region this year and the central bank adjusted interest rates three times, up to 40%, to prevent a further slide in the currency, presenting yet more problems for Mauricio Macri's government. Former Finance Minister Guillermo Nielsen is concerned by the increasing level of debt Argentina has accumulated in the past two years and the government's response.

GUILLERMO NIELSEN FORMER FINANCE SECRETARY "All economic crises are serious. Of course Argentina's situation is far better than it was in 2001, but nevertheless each crisis has its own set of challenges. It is not out of the chart, the current crisis is also risky for Argentina. This needs to be solved and the government needs to move forward at a very high speed which it is not doing."

With the memory of the 2001 economic crash still fresh, businesses and consumers face not only higher prices but also growing uncertainty about what lies ahead. Joel Richards, CGTN, Buenos Aires.