Argentina’s economy is at an unusual juncture. Unlike many other periods in the country’s recent history, the volatility of the U.S. dollar — long the country’s main economic obsession — is no longer at the center of the debate.
Inflation isn’t either. Although it remains high compared to the rest of the region—coming in at 1.9% in June—it has shown signs in recent months of resuming its downward trajectory.
That does not mean, however, that President Javier Milei’s economic model is free from criticism.
Instead, criticism has shifted toward the sectors most closely tied to domestic consumption: manufacturing, construction, and retail. These are also among the country’s largest employers.
The real economy, Milei’s biggest casualty
