Since taking office in December 2023, Argentine President JavierMilei has implemented sweeping measures to shrink the state, cut spending and liberalize the economy. File Photo by Sergio Perez/EPA
July 24 (UPI) -- A report from J.P. Morgan points to a "deep and surprising" recovery in Argentina's economy under President Javier Milei, but warns that the future of his economic plan will depend on the outcome of the October legislative elections.
Since taking office in December 2023, Milei has implemented sweeping measures to shrink the state, cut spending and liberalize the economy.
According to the investment banking and research arm of the U.S. financial giant, Argentina has managed in just a few months to lower inflation, reach fiscal balance and strengthen its foreign reserves -- after years of stagnation, crisis and heavy dependence on public spending.
"The country is undergoing a structural transformation with extraordinary potential, though not without significant risks," economists Diego Pereira and Lucila Barbeito wrote in the report.
