Argentina Exits Recession as President Milei's Economic Reforms Take Hold

GDP grew 3.9% in the third quarter, marking a significant turnaround after a year of aggressive austerity measures under Javier Milei's leadership.

Argentina's economy expanded by 3.9% in the third quarter of 2024, ending a recession that began in late 2023.
President Javier Milei implemented sweeping austerity measures, including slashing government spending, devaluing the currency, and cutting public sector jobs.
Inflation has dropped significantly, from 211% annually in December 2023 to 166%, while monthly inflation fell to 2.4% in November 2024.
The reforms have led to increased poverty, with over 50% of Argentines now living below the poverty line, and unemployment has risen sharply.
Experts project 5% economic growth in 2025, but challenges remain, including capital controls and underperformance in key industries like agriculture.