Argentina is officially out of recession – Here’s all Milei did
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Argentina’s economy has reportedly survived an impending severe recession in the third quarter of 2024, in what economists have described as a milestone for libertarian President Javier Milei. Since taking office, Milei has been forwarding an ambitious agenda to stabilize the nation’s long-running economic crisis. According to data from Argentina’s statistics agency released on December 16, the country’s gross domestic product (GDP) expanded by 3.9% in seasonally adjusted terms between July and September compared to the previous quarter. The growth marks the first positive quarter since late 2023, when the economy officially fell into recession. However, on an annual basis, GDP contracted 2.1% in the third quarter when compared to the same period in 2023. The rebound comes as Milei approaches his one-year mark in office. His administration has undertaken aggressive spending cuts and wide-ranging deregulatory measures aimed at curbing triple-digit inflation and reviving investor confidence. Argentina’s President Javier Milei has dramatically cut govt employee headcount and regulations in the past year since he was elected. As a result, inflation is falling rapidly and the economy is turning around. Now with more stability, investors are returning to Argentina. pic.twitter.com/jwR0gd8Xco — Wall Street Mav (@WallStreetMav) December 4, 2024 These policies have drawn praise from high-profile figures such as US President-elect Donald Trump and billionaire Elon Musk, positioning Milei as one of the global right’s most-liked leaders. President Milei’s market and economic impact Argentina’s sovereign bonds climbed in response to the GDP report. The spread over U.S. Treasuries that investors demand to hold Argentine debt fell 4.4% to 677 basis points on Monday, a stark improvement from levels exceeding 2,000 basis points when Milei assumed office. The broader economic crisis, largely attributed to years of inflation-fueled money printing under administrations that led previously, deepened in the early months of Milei’s presidency. Austerity…
Filed under: News - @ December 17, 2024 10:27 am