When we analyse the economic situation in Argentina, we must first understand the calamity to which the country was left by the socialist government of Alberto Fernandez and years of Peronism.

According to UNICEF, Javier Milei has lifted more than one and a half million children out of poverty in just two years. He has restored economic growth and relaunched Argentina, which was heading towards a disaster similar to Venezuela’s due to the policies of Kirchnerism, often referred to as the “socialism of the XXI century”.

When Milei assumed power, Argentina was hurtling toward hyperinflation and misery, on an accelerated path of economic devastation. Inflation was 25.5% per month. Under the socialism of the 21st century, Kirchnerism’s “inclusive monetary policy” led to skyrocketing cumulative inflation: between 2011 and 2015, Cristina Fernández de Kirchner oversaw a roughly 175% increase in prices, while Alberto Fernández’s destructive term resulted in a cumulative inflation rate of 1,020%, the highest among the previous five presidents, which meant that prices nearly multiplied tenfold. These policies sank the peso, triggered massive inflation, and drove poverty to over 41.7%, according to official figures. Alberto Fernández left behind nearly 19 million poor and 4.3 million indigent people, multiple exchange rates, a devastating capital control regime, and a bankrupt central bank with net negative reserves of over 15 billion.

Socialism impoverished a rich country like Argentina at an alarming and very rapid rate.

Javier Milei came to power with non-negotiable goals: a fiscal surplus, curbing inflation, and reviving a sunken economy. His first two years in office conclude with a spectacular macroeconomic record: inflation has plummeted from global highs, poverty has fallen back to 2018 levels, the economy is back on a growth trajectory, net debt has been significantly reduced, and real wages are beginning to recover—all thanks to the largest adjustment and deregulation plan in decades.

Milei inherited a monthly inflation rate of 25.5% in December 2023, close to 300% annually—the highest in the world—and has quickly reduced it to around 2.3% per month by October, the lowest level since 2018, with forecasts pointing to a further decline in 2026. Furthermore, the budget has gone from an unsustainable deficit to recording a surplus for the first time in 14 years, thanks to deep cuts in unnecessary spending without harming essential services, closing ministries, eliminating useless agencies, reducing subsidies, and cutting tens of thousands of bloated public-sector jobs from the final stretch of the previous administration.

Letting the economy breathe works.

Appropriate liberalisation policies have significantly reduced poverty. UCA estimates show a nearly 20 percentage point drop from the crisis peaks and a rate in the 31–36% range—the lowest level in six years—while UNICEF estimates that around 1.7 million children have been lifted out of poverty over the past two years. Furthermore, independent analysts place the “real poverty” inherited from Alberto Fernández at levels much higher than 41.7% if the exchange rate was fully adjusted; in any case, even using official figures, the turnaround is undeniable: far fewer people in poverty and greater purchasing power for vulnerable groups when inflation is tackled at its root.

Argentina was already in a recession when Milei took office. Argentina’s GDP fell by 1.6% in 2023, according to INDEC, and had already been declining since 2022, with a 2.2% seasonally adjusted drop in the fourth quarter of 2022. GDP fell by 1.3% in 2024 and soared by 5.2% in the first nine months of 2025. The 2025 economic growth figures have more than compensated for the deficit, demonstrating robust and healthy growth that is not influenced by public spending. The IMF predicts a growth rate of approximately 4.5% for 2025, placing it among the highest in Latin America. By 2026, projections from major organisations place GDP growth at around 3%–4%, with cumulative growth of nearly 8 percentage points between 2025 and 2026. This strong momentum contrasts with the chronic stagnation left behind by socialism, which had the audacity to claim that its problem was that “we’re growing too much.” The confirmation of the GDP decline in 2023 showed that Argentina’s GDP was virtually the same as in 2011, despite soaring public spending and deficits that artificially boosted economic activity.

Milei’s austerity measures have resulted in a sharp reduction in public-sector employment—which had been inflated by Kirchnerism and financed with debt and inflation—while the private sector begins to take over. Milei created more than 650,000 new private-sector jobs. Total employment has grown by 330,000 jobs in two years, according to INDEC, and, most importantly, public-sector employment has fallen by 370,000 unnecessary political positions inflated by Kirchnerism, while private-sector employment has risen sharply. The government’s objective is for formal private-sector employment to grow steadily as the GDP rebound consolidates, with various scenarios placing the unemployment rate at around 6.5% by 2026 if the reforms are maintained.

Public debt reached very high levels at the end of 2023 and has since fallen dramatically in net terms. The debt burden on the economy has fallen sharply: it has been reduced by tens of billions of dollars and has declined in absolute terms and as a percentage of GDP, and the inherited explosive dynamic has been halted. The debt-to-GDP ratio dropped from over 100% between 2020 and 2023, peaking at 155%, to 70% in the third quarter of 2025.

We cannot forget the debt hole hidden in the Central Bank left by socialism. Milei eliminated the central bank’s debt by transferring it to the Treasury, as it should be, and in the two years of his presidency, total debt recorded a net decrease of 48.5 billion. Minister Luis Caputo and Central Bank President Santiago Bausili played a crucial role in defusing the potential explosives left by socialism, preventing them from exploding in the face of the next administration. We cannot forget Diego Santilli’s efforts to ensure the safety and peace of mind of Argentinians in the face of constant sabotage threats, nor Manuel Adorni’s efforts to dismantle socialist propaganda and disinformation.

The primary surplus has been achieved by cutting spending, reducing the burden of inefficient subsidies, curbing public employment growth, and prioritising essential social programs. Fewer subsidies for everyone and more assistance for those who truly need it allow us to reduce debt, control spending, and help those who really require it.

Deregulation to remove the state’s boot from the economy.

DNU 70/2023 and the Ley Bases have dismantled hundreds of regulations in the markets for goods, services, rentals, foreign trade, and public enterprises, led by the Ministry of Deregulation headed by Federico Sturzenegger. The elimination of price controls, the reduction of tariffs, and the opening of sectors such as air transport and real estate have resulted in a greater variety of products and better prices for consumers.

Now it’s investment’s turn, which needs to eliminate the legal uncertainty created by socialism. The RIGI programme, designed to attract large investments of over
00 million, offers regulatory stability and legal certainty, and more than $31 billion in projects have already been announced, especially in mining and energy.
It is essential that Spanish companies invest in the Argentina of freedom, as the United States has done, or they will miss out on the ongoing period of prosperity.

Voters perceive all these macroeconomic achievements: in the midterm legislative elections, La Libertad Avanza won around 41% of the vote compared to the Peronists’ 32%, marking the first time since 1989 that Peronism has ceased to be the largest minority in Congress and enabling the acceleration of structural reforms.

It’s not a miracle. It’s not an experiment. Miles and his government team have implemented economic logic and an unequivocal defence of freedom.

The recipe for our countries is clear: reject gradualism and defend freedom without any reservations… and prosperity flourishes.