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Argentina's Milei Marks First Year: Inflation Falls to 2.7%, Fiscal Surplus Achieved, Approval Rating Hits 66%

Dec 10, 2024, 07:04 AM

Argentine President Javier Milei celebrates his first year in office, marked by significant economic improvements. Inflation has dramatically decreased from a monthly rate of 25.5% to 2.7%, the lowest in three years. The poverty rate has reduced from 54.9% to an expected 41.7% by December, according to UCA. The country has shifted from a 2.7% primary fiscal deficit to a 1.7% surplus, achieving a fiscal surplus for the first time in 15 years. Milei's administration reduced government ministries from 18 to 8 and eliminated 30,000 government jobs. The Central Bank purchased over USD 20 billion, contributing to the stabilization of the currency market, with the official and blue dollar exchange rates converging. The country's risk rating has significantly improved, dropping from 1,930 points to 736 points. Milei's approval rating remains high, with reports indicating a 66% approval according to Morning Consult, making him one of the world's most supported leaders.