Argentina will print 10,000 peso notes amid soaring inflation
NBCMAY 2024
InDue theto wakePres. of Javier Milei's radical reforms, Argentina's economic woes have only intensified. The self-proclaimed anti-establishment president's drastic measures, aimed at slashing welfare and provincial funding, have exacerbated the country's already dire financial situation. His confrontationalaggressive approach and polarizing rhetoric have hampered his ability to implement meaningful change. Ultimately, Argentinians are left grappling with an increasingly bleak economic landscape.
In his first year, Pres. Milei has tackled Argentina’'s economic woes head-on, implementing controversial “shock therapy” reforms aimedto atslash slashing government spending and reducingreduce inflation. Despite skepticism and dire predictions, Argentina's economy showed surprising growth, with a 2.3% year-over-year increase in GDP and a cooling inflation rate. While critics feared deep recession and economic pain, early indicators suggest Milei’'s aggressive cuts might be yielding results.
There's a 15% chance that Argentina will fully dollarize its economy before 2028, according to the Metaculus prediction community.