Argentine President Javier Milei has announced a continuation of his strict austerity measures. Milei wrote on Tuesday in the online service
The right-wing populist and self-described ‘anarcho-capitalist’, who often appeared with a chainsaw during the election campaign, announced ‘shock therapy’ for Argentina upon taking office almost a year ago.
He wants to control runaway inflation and move the economy forward. Milei’s government cut government spending, abolished subsidies and eliminated more than 33,000 public sector jobs. In early 2024, Argentina recorded its first budget surplus since 2008 and was able to significantly curb inflation.
The economy remains stuck in recession
However, according to the World Bank, the economy is stuck in recession and gross domestic product will contract by 3.5 percent by the end of the year. According to official figures, more than 52 percent of Argentines were affected by poverty in the first half of the year, an increase of eleven percentage points within six months.
The budget for the coming year is currently being negotiated in Congress in Buenos Aires. Milei’s party does not have a majority of its own in either chamber of Congress.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
