Argentina President Milei implements radical economic reformsāgēntíng zǒngtǒng mǐ lái tuīxíng jījìn jīngjì gǎigé阿根廷总统米莱推行激进经济改革。
December 10, 2023 at 2:00 PM
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BusinessArgentina President Milei Pursues Economic Shock Therapy
President Javier Milei implemented shock therapy including 54 percent peso devaluation, cut 30000 jobs, and eliminated half of ministries in December 2023.
Javier Milei was elected Argentina president in December 2023. The radical nature of his economic reform plan attracted market attention. On his first day he announced 54 percent peso devaluation. This marked the beginning of his aggressive fiscal austerity policy. The Milei government subsequently eliminated 30000 government positions. He also closed half of the government ministries. These measures represented extreme adherence to free market principles. Inflation initially surged to 25 percent monthly. However, by 2024 inflation had fallen to relatively moderate levels. Milei shock therapy sparked intense international economic debate.
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