A stable dollar isn’t enough: Milei’s pressing economic problems

While President Javier Milei has stabilized Argentina's currency and brought inflation down, Buenos Aires Herald reports that the real economy is struggling. Manufacturing, construction, and retail—together accounting for nearly forty percent of Argentina's workforce—have all contracted sharply since late twenty twenty-three. Industrial output is down seven percent, small retail sales fell nearly a quarter, and construction dropped a fifth. The toll on workers is visible: unemployment has climbed to seven point eight percent, informal employment reached record levels, and household loan defaults spiked to twelve point eight percent—an all-time high. The government hopes that booming oil and mining sectors will eventually offset these losses, though today those industries represent less than one percent of total employment.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton