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Argentina: Milei introduces strict austerity measures
Argentina under President Milei at a turning point: first budget surplus in 15 years announced. Austerity policy is successful, but criticism of its social effects is loud. Read more.
Argentina: Milei introduces strict austerity measures
Argentina's President Javier Milei introduced strict austerity measures after taking office and recently announced a budget surplus. This represents a significant turning point as it is the first quarterly surplus in more than 15 years. The amount of the surplus amounts to the equivalent of 315 million dollars, which corresponds to 0.2 percent of the gross domestic product.
Milei described this success as a milestone in his efforts to address the country's long-standing economic crisis. Among other things, thousands of public sector jobs were cut, subsidies were cut and social programs were wound up in order to stabilize the economic situation. Despite these measures, some criticize that the austerity measures have led to many people falling into poverty.
Although the inflation rate has fallen, at 280 percent it is still one of the highest levels in the world. This data was published on April 23, 2024 in the Deutschlandfunk program.
President Milei's efforts to achieve a budget surplus are at the center of the debate over Argentina's economic policy. However, assessing the impact of these measures on the population and the country's long-term economic stability remains controversial. Despite the success achieved, the government will continue to face challenges as the country faces persistent social and economic problems.