Austerity Measures Plunge Argentina's Economy into Crisis
• Argentina's economy contracted 3.1% in December, the most since the peak of the Covid-19 pandemic • Newly elected President Javier Milei enacted austerity measures that slammed consumption • 57% of the population fell below the poverty line in January due to shock policies • Retail sales plunged 28.5% in January compared to the previous year • Economists forecast Argentina's GDP will contract 3.0% this year