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Argentina's Economic Rollercoaster. ๐ฆ๐ท๐๐๐
In a surprising turn of events, President Javier Milei took bold steps on his first day, closing half of the government ministries, sparking both hope and concern among citizens. However, optimism quickly turned to dismay as Milei doubled inflation overnight, causing the peso's exchange rate to plummet from 366.5 to 800 pesos per dollar within a mere 24 hours.
Attempting to quell fears, Economic Minister Luis Caputo defended the drastic move, announcing a 2% monthly devaluation target, citing it as a necessary measure for future prosperity in the face of escalating inflation. The harsh reality on the ground revealed alarming figures, with over two-thirds of the population living in poverty and a staggering 161% annual inflation rate as of November โ the highest in the year.
Surprisingly, the International Monetary Fund (IMF) praised Argentina's reduction in government spending, hailing it as a crucial step towards stability and economic rebuilding. As the country grapples with this economic turmoil, all eyes are now on Argentina's central bank, expected to unveil a new monetary policy in response to the formidable challenges at hand.
The rollercoaster of Argentina's economic landscape continues, leaving citizens and global observers on edge, anticipating the next chapter in this tumultuous saga.
