Argentines Describe Milei’s Economic Policies as “Failure”

Argentine People in Protests against the economic Measures of Milei July, 2024 Photo:@BOTMILEIVLLC

July 3, 2024 Hour: 4:30 pm

Indec’s information exposed Milei’s supposed success in containing inflation in his first six months in office.

The National Institute of Statistics and Censuses (INDEC) announced on Monday that the economic adjustment program of the Argentine President, Javier Milei, presented the first worrying signs of a fall of 5.1 percent of the Gross Domestic Product (GDP) and an increase in unemployment to 7.7 percent in the first quarter of this year.

According to the official report, Argentina’s GDP contracted in the first three months of the year by 5.1 percent, compared to the same period last year.

Meanwhile, the unemployment rate in the first three months increased to 7.7 percent from 5.7 percent in the last quarter of 2023 and 6.9 percent in the year-on-year comparison.

That is the highest unemployment record since the third quarter of 2021, when the country was coming out of the second wave of coronavirus, which means that currently more than 1 million people are unemployed and actively looking for it.

#DatoINDEC
La dotación de la administración pública nacional, empresas y sociedades del Estado alcanzó 316.255 personas en mayo de 2024 https://t.co/apdjG4q7GG pic.twitter.com/efVFDt1V9Z
— INDEC Argentina (@INDECArgentina) June 28, 2024

The text reads,
The staff of the national public administration, companies and companies of the State reached 316,255 people in May 2024

The businessman and president of Grupo América, Daniel Vila, said that “the president accentuated the division in society, that many Argentines are having a hard time and that he does not see an economic scenario that encourages investors”.

Vila said “The message of this government is not to raise taxes, and they increased. It was not to issue more, and it continues to issue. This government is facing reality: Argentina is not easy».

The Argentine official criticized Milei’s position with leaders of other countries such as Luiz Inácio Lula da Silva, Luis Arce and Pedro Sánchez.

He also spoke of the lack of investment and distrust of markets «There is no smell of an investment climate, I don’t smell people wanting to invest in Argentina. I see that they close, not that they open».