Reported 8 months ago
Argentina fell into a recession in the first quarter as President Javier Milei's severe spending cuts led to a decline in consumption and economic activity. The country saw a 2.6% drop in GDP compared to the previous quarter and a 5.1% decrease from the previous year. Milei's measures included sharp cuts to pensions and public sector wages, devaluing the peso, and removing price controls, resulting in a 17% reduction in real wages and a 10% decline in supermarket sales.
Source: YAHOO