Argentina’s Milei oversees trade boom

Argentina registered a record $19 billion trade surplus, the latest sign of the country’s economic transformation under President Javier Milei.

In his first year in power, Milei has slashed inflation and tamed runaway public spending, helping Argentina achieve its first budget surplus in decades. Despite the economic pain — more than 53% of the population is living in poverty, up from 42% in 2023 — Milei’s approval rating remains high.

However growth remains lackluster, while a law granting him exceptional powers expires in June. “The public’s tolerance for weak growth, high unemployment and poverty will not last forever, even if inflation has been wrestled down,” The Economist wrote.