As the second quarter began, Argentina’s economy officially entered a technical recession. President Javier Milei has been implementing tough austerity measures to restore fiscal stability, but the country’s GDP contracted by 2.6 percent compared to the previous quarter. This decline in GDP marks two consecutive quarters of decline, which is the typical definition of a recession.
In addition to the economic downturn, job losses have been mounting in Argentina. The official statistics agency, INDEC, reported that the unemployment rate rose to 7.7 percent in the first quarter, up from 5.7 percent at the end of last year. This increase in unemployment has resulted in approximately 300,000 people losing their jobs since the previous quarter.
Overall, Argentina’s economy is facing significant challenges as it grapples with recession and rising unemployment rates. President Milei’s focus on austerity measures is aimed at restoring fiscal order, but it remains to be seen how these policies will impact the country’s economic recovery in the long term.
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