Setback for President Javier Milei as Argentina's economy shrinks

This is the worst monthly development since Milei took office in 2023. On an annual basis, negative growth was 2.1 percent, the highest in two years, while Argentina's unemployment rate rose to 7.5 percent.

Since taking office, Javier Milei has implemented extensive economic reforms to eliminate Argentina's budget deficit and combat the country's high inflation. These have included laying off thousands of government employees and devaluing the country's currency.