The Miracle of Argentina: Milei’s Quest to End Inflation and Rebuild the Country’s Economy
President Javier Milei of Argentina announced on Monday night (22) that the country had achieved a financial surplus of 0.2% of Gross Domestic Product (GDP) in the first quarter – calling it “a feat of historic proportions at a global level”. In his third message on national radio and television since assuming the presidency in December, Milei made the statement to announce the results of his government’s accounts, project that they should be followed by further drops in inflation and thank Argentines for the “heroic effort” during this time of adjustment.
Contrary to predictions from various sources, President Milei revealed that the national public sector had a financial surplus of more than 275 billion pesos (R$ 1.6 billion) in March, resulting in a financial surplus of 0.2% of GDP for the first quarter of the year. He emphasized that this path is crucial to ending the inflationary crisis that has persisted in Argentina since the fall of convertibility in the early 2000s. Despite the high inflation rate in Argentina of 287.9% over 12 months, Milei acknowledged that there were challenges faced upon taking office and praised Argentines for making sacrifices for their country’s economic stability.
Milei expressed gratitude to Argentines for their resilience and attributed the gradual decrease in inflation to his administration’s measures taken so far. The president emphasized that ending fiscal deficit sustainably was achievable and noted how it would lead to better future prospects for all children within Argentina. He also highlighted how this achievement marked a significant turning point for Argentine economy after years struggling with high inflation rates and economic instability
