Argentina exits recession in win for libertarian president Milei
Argentina exits recession in win for libertarian president Milei
Argentina has come out of a deep recession in a major victory for the country’s unorthodox President Javier Milei, who has spent the past year enacting sweeping — and painful — reforms in Latin America’s third-largest economy.
these measures have also pushed up unemployment and the poverty rate
Hard to believe this is going to be good for Argentina when the people can't afford even to live. Seems like he's just giving the country away to business.
That's essentially the case. His changes, other than the austerity related ones, were intended to make Argentinian goods more competitive (cheaper) globally while actively hurting the purchasing power of Argentinians. If it "works," it'll mean inflation slows, and they hope the business profits will trickle down while businesses capture the government, income inequality increases, and businesses and billionaires accumulate more of Argentina's wealth.
Sounds like a libertarian paradise. Be extremely comfortable as long as you're part of a certain 5% of the population.
I guess I will have to counter OP's simping for Miliei once again.
The austerity has also caused deep economic pain in Argentina, with nearly 60% of Argentines now living in poverty, up from 44% in December 2023, according to the Catholic University. Milei has balanced the budget by slashing financial transfers to provinces, removing energy and transport subsidies and holding wages and pensions steady despite inflation.
In case anyone wants to look at the data: https://www.indec.gob.ar/ftp/cuadros/economia/sh_oferta_demanda_desest_12_24.xls
Here's the data on an XMR chart (excluding the pandemic)
And here's the last section with the downward trend removed.
Last trimester's GDP growth is almost at the point of significance. In the last chart, I'd wait until either we get a point over the blue line or we have a few more points over the dotted line before doing a victory lap.