Just twelve months. That was enough for the Argentine president Javier Milei to revive the fortunes of the South American country and finally chase away the demon of recession. To better understand how impactful the Milei cure was for the Argentine economy, just take a look at main economic variables which, since he arrived at the Casa Rosada, have almost all marked a radical turning point: the recession, as mentioned, is now just a bad memory linked to the past, public spending has been drastically reduced with cuts of 27% in the last year, GDP grew, with a peak of 3.9% in the third quarter of 2024, the highest rate recorded in the last four years, and the inflation rate went from the all-time record of 25.5% in one year ago until 2.4% current.
Good news also comes from tax accounts: a budget surplus was achieved throughout the first half of 2024, a result not seen in Argentina since 2008.
In short, given the overall financial situation and the enormous progress made by the Argentine economy over the last year, if it is not an economic miracle we are close to it. Because, despite the perennial smear campaign and the general skepticism that has accompanied Milei in his first year in government of the South American country, the liberal chainsaw works, and quite well too, as the economic indicators for 2024 clearly demonstrate.
But be careful: it certainly doesn’t end here. Indeed, we are probably only at the beginning of Javier Milei’s liberal revolution. Because if the year that has just passed was that of the debut on the international political scene of chainsaw2025 is already shaping up to be the year of the ‘deep chainsaw’, as the Argentine president has already had the opportunity to announce in recent weeks. And given what Milei has done over the past year, there is no reason not to believe that this will really be the case.
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