This work studied the emission changes and their economic effects during the Argentina’s COVID-19 pandemic lockdown. We have analyzed the atmospheric emissions of the main greenhouse gases (GHG: CO₂, CH₄, and N₂O) and other pollutants (NOx, CO, NMVOC, SO₂, PM₁₀, PM_2.5, and BC) from various sectors such as private road transport, freight, public transport, agriculture machines, thermal power plants, residential, commercial, and governmental from January 2005 to April 2020. We focused on the months with the greatest restrictions of COVID-19 pandemic in Argentina (March and April 2020). The results show emissions reduction up to 37% for PM₁₀, PM_2.5, and BC, consistent with observed from satellite images and up to 160% for NOx, CO, NMVOC, and SOx. However, the residential sector has increased their emissions by 8% for the same period. As a consequence, 3337 Gg of CO_2eq of GHG emissions were reduced, corresponding to a 20% reduction compared to the same period in 2019. Besides, a 26% reduction in gross domestic product (GDP) was observed due to the COVID-19 pandemic. Our results show that each Tg of GHG reduction was associated to a 0.16% reduction of the GDP from the analyzed sectors. Thus, without a voluntary reduction in consumption associated to significant cultural and technological changes, reduction in GHG would still be associated with deepening inequalities and asymmetries between high and low consumption sectors (i.e., with better (lesser) education, health, and job opportunities), even within countries and cities.