Posted 12/13/2023, 2:49:09 AM
Argentina Announces Emergency Economic Measures to Tackle Inflation and Revive Struggling Economy
- Argentina devalued its currency by over 50% and unveiled economic measures to avoid hyperinflation and revive the struggling economy
- The government, led by President Javier Milei, also announced cuts to generous state subsidies and a halt on new public construction projects
- Inflation is currently at 140% and poverty is at 40% in Argentina
- The measures aim to tackle overspending and fiscal deficits that have plagued Argentina's economy for decades
- Other actions include reducing political jobs by 34%, increasing welfare for the poorest Argentines, and having infrastructure projects carried out by the private sector