The IMF reported that the COVID-19 crisis would plunge Argentina's GDP by 9.9%.[8] Unemployment jumped from 8.9% in late 2019 to 13.1% in the second quarter of 2020 (the highest since 2004),[9] at the height of the Covid-related lockdown - but eased steadily afterwards, to 7% by late 2021.[10]
On 4 August 2020, Guzmán reached an accord with the biggest creditors on terms for a restructuring of $65 billion in foreign bonds, after a breakthrough in talks that had at times looked close to collapse since the country's ninth debt default in May.[11] The country's public foreign debt, which had nearly doubled during the Macri administration, slimmed from $197 billion in late 2019 to $191 billion in late 2021.[12]
Under Guzmán, Argentina also refinanced a record, $45 billion IMF bailout debt inherited from the Macri administration[13] - and saw 10.4% growth in 2021 and 5.7% in January–April 2022, after three years of deep recession.[14] Inflation, however, remained stubbornly high - initially slowing from 54% in 2019 to 36% in 2020; but rising to over 60% by May 2022.[15]
On 2 July 2022, following depreciation of the peso and shortages of diesel fuel,[16] and amid pressure from the left wing of the governing coalition,[17] Guzmán resigned as Minister of Economy.