Argentina’s economy has begun to grow and has passed the test, President Javier Miley said in an address to the nation.
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Tuesday, December 10, marked one year since Miley took office as president.
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“Today, with pride and hope, I can tell you that we have passed the test by fire. We are emerging from the desert: the recession is over, and the country has finally begun to grow. Thank you for your trust in this government,” the head of state noted.
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“We have put the worst behind us and will start next year confident that the future will be better and better. Happy times are coming in Argentina,” Miley said.
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Miley, representing the far-right libertarian party, took office in 2023 and a couple of days later carried out a sharp devaluation of the national currency – by almost 120%. At the same time, subsidies for transport and utilities were canceled, which led to a sharp jump in prices: inflation reached 25.5% in December 2023, 20.6% in January and 13.2% in February. The authorities then called these measures inevitable: they were needed in order to avoid a catastrophe, hyperinflation.
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These decisions directly hit citizens’ pockets and purchasing power. It was especially difficult for pensioners, whose incomes in many cases still do not even reach the level of the minimum wage. Moreover, the president vetoed the law to increase pensions, approved by Congress.
