While Argentina is going through the toughest moment in terms of the economic situation with inflation at 287% and activity and consumption at a peak, President Javier Milei has promised that “the worst is over” and that “the worst is over” and that “the ‘last stretch of a heroic effort’.
He said it in a speech broadcast on Monday evening on unified networks where – flanked by the Minister of Economy, Luis Capito, and the President of the Central Bank, Santiago Bausili – he claimed the achievement of a primary surplus of 0,000 in just three months. 2% of GDP in March after inheriting a 15% deficit in December.
That the result was also obtained through unorthodox measures such as the complete suspension of payments for imports and services is not relevant for Milei at this moment.
“The government was right,” the ultra-liberal leader said bluntly. “Inflation is collapsing”, he added, and here too it matters little that what held down prices was mainly the collapse in consumption (-19% year-on-year in March) and in activity (-10% in industry and – 40% construction).
The president therefore predicted that starting from the achievement of macroeconomic stabilization, Argentina’s growth will take place in three stages: the first thanks to the expansion of the mining, energy and agricultural sectors; the second stage thanks to the arrival of investments; and the third stage thanks to the tax reduction.
The ultimate goal, Milei said, is to reduce the role of the state to the minimal task of “protecting the life, liberty and property of its citizens” and “ensuring a stable economic order.”
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