\n
When Javier Milei was elected president of Argentina in 2023, many believed the nation was headed toward disaster. A libertarian economist and TV personality who claimed to take telepathic advice from his five cloned English mastiffs, Milei also described himself as an \u201canarchocapitalist\u201d and \u201ctantric sex guru.\u201d He also advocated for the legalization of organ sales, the unrestricted ownership of firearms and the dismantling of the central bank.<\/p>\n
Yet, \u201cEl Loco\u201d\u2014The Madman, as his countrymen call him\u2014 accomplished the unimaginable: Argentina\u2019s fiscal deficit was eliminated for the first time in 123 years.<\/p>\n
In December 2024, Argentina emerged from the severe recession it entered in late 2023. Also, annual inflation is down from near 300% last April to nearly 100% (or about 2.5% monthly).<\/p>\n
\u201cMilei\u2019s government has achieved what many consider a miracle in terms of cutting down inflation and stabilizing the economy and the US dollar\u2019s price, two long-standing Argentinian traumas,\u201d says Juan Pablo Ferrero of the Department of Politics, Languages and International Studies at the University of Bath. \u201cThese are notable accomplishments upon which Milei is now basing his political success.\u201d<\/p>\n
Milei\u2019s actions have also made Argentina expensive, Ferrero observes. Local and labor-intensive industries are struggling.<\/p>\n
\u201cIs this development model sustainable without a strong and dynamic industrial sector? So far, Milei\u2019s approach seems to rely heavily on agro-exports, mining, and the sale of gas and oil,\u201d Ferrero argues. The risks include the reprimarization of the economy, with the middle class paying the price.<\/p>\n
Yet, Ferrero concedes, against many predictions, Milei\u2019s leadership style is proving effective: \u201cAccording to opinion polls, he remains a popular president, despite having implemented one of the most radical austerity programs ever recorded.\u201d<\/p>\n
Figures show that the economic recovery has not translated into better living conditions for many, with the country\u2019s poverty rate jumping to 53% in the first half of 2024, an 11-point increase. Experts caution that Milei\u2019s charisma isn\u2019t enough. He will soon need to deliver broad and substantial growth that improves Argentinians\u2019 living conditions if he wants to succeed in the 2025 mid-term elections.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"
When Javier Milei was elected president of Argentina in 2023, many believed the nation was headed toward disaster. A libertarian economist and TV personality who claimed to take telepathic advice from his five cloned English mastiffs, Milei also described himself as an \u201canarchocapitalist\u201d and \u201ctantric sex guru.\u201d He also advocated for the legalization of organ […]<\/p>\n","protected":false},"author":1,"featured_media":19288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[11450,11451,6854,11449,1003],"dealstore":[],"offerexpiration":[],"class_list":["post-19287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-argentinas","tag-deficit","tag-ends","tag-milei","tag-years"],"yoast_head":"\n
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