Argentina’s Milei marks one year in office. Here’s how his shock measures are reshaping the economy

Associated Press

BUENOS AIRES, Argentina (AP) — When libertarian President Javier Milei assumed office one year ago, Argentine supermarkets were marking price increases almost daily. Middle-class families tried to spend their rapidly depreciating pesos as quickly as they got them and economists warned the country was teetering on the brink of hyperinflation. On taking power, Milei implemented a series of austerity measures, including slashing energy and transportation subsidies, laying off tens of thousands of government workers and freezing public infrastructure projects. It has been brutal. Unemployment has climbed, economic activity has declined and poverty has surged. But now signs have emerged that Argentina’s bizarre and long mismanaged economy is starting to look a little more normal.