Argentina emerges from recession in boon to Milei

Argentina escaped recession in the third quarter, new data showed Tuesday.

The country’s GDP expanded by 3.9% from July to September, in a boon to President Javier Milei as he marks one year in office.

The self-declared “anarcho-capitalist” has sought to address skyrocketing inflation and at times negative economic growth through brutal austerity, measures that pushed poverty rates above 50% but appear to be working.

Analysts at the Spanish bank BBVA, however, warned that risks remain. Milei could yet lose the support of his voters or the markets, and Argentina’s key agriculture industry could underperform. Still, they projected strong economic growth next year and beyond.