The Tangwall Campagin. Eighteen months after his election, how would you qualify the first economic results of Javier Milei ?
Romain Dominati. These results are even beyond all expectations. Not only has Javier Milei succeeded in reducing state size, eliminating budget deficit and slowing down inflation (1.5 % in May 2025 against 25.5 % in December 2023 editor’s note), but the concrete effects on the life of Argentines are already felt. Poverty is experiencing a spectacular drop: according to the latest UNICEF report, 2.4 million children came out. The purchasing power improves, carried by wages which are now progressing faster than inflation. As for economic growth, it promises, according to the latest IMF forecasts, as the second highest in the world with 7.6 % in 2025. Succeeding such a transformation in just a year and a half, without parliamentary majority is really spectacular.
In what situation was Argentina when Javier Milei was in power?
The country was on the verge of the abyss after 70 years of socialist policy. Already marked by around twenty payment defects in his history, he was about to know one more. Annual inflation was 250 %. The poverty rate beyond 40 %. People were starting to be hungry in a country where many foods are easily growing, where agriculture has always been the beating heart of the economy. Previous governments had created a universe so hostile to growth and investment that Argentina was in total disintegration. It is in this context that Milei emerged. The population, at the end, only saw any other outcome than to send everything for a walk.
“” Thanks to these cuts, he managed to clean up finances very quickly, avoiding budgetary bankruptcy »»
Once in command, what remedy did he administered to the country?
Upon taking office, Milei initiated a drastic reduction in the state budget, then in deficit of more than 5 %. In the space of a month, he managed to eliminate this deficit, in particular by removing 15 % of public jobs at the national level. He also ended the energy subsidies in general and electricity in particular. They were totally absurd. I remember, personally, having already received negative electricity bills for my business so the grants were excessive.
Milei also suppressed a dozen ministries as well as many state agencies, especially in connection with the environment, gender, culture and cinema. Thanks to these cuts, he managed to clean up finances very quickly, avoiding budgetary bankruptcy. This obviously caused an economic slowdown at first, largely caught up afterwards.
In November 2023, his election caused almost general skepticism and mockery. Few people imagined that he would get such results eighteen months later.
Few people in the Western press. Many have sought to denigrate it. But we see that the economy is not so complicated: the more free a country, the more rich it is. Argentina was completely locked by the state. Both in terms of international exchanges and inside its borders. Standards, laws, taxes, everything hampered economic freedom. Inevitably, by giving more freedom, we bring more wealth. It’s universal, it’s true everywhere, at all times, in all cultures. People who have a minimum of knowledge in economics know that freedom always produces the same results: prosperity. So they quickly understood that, despite its explosive look and its famous chainsaw, Milei was going to breathe a wind of freedom, and therefore bring prosperity.
“” Javier Milei displays the highest popularity rating among the last five presidencies »»
What is its popularity rating today?
After a year and a half in power, Javier Milei displays the highest popularity rating among the last five presidencies. It remains at the same level as when it was elected, that is to say about 55 %. Argentines clearly perceive that the results obtained so far are only the beginnings of a deeper transformation to come. That said, some demonstrations are bursting to challenge its policy. But, like France, Argentina has a long tradition of popular mobilization as soon as a reform is looming. I have already seen massive rallies in the country, with hundreds of thousands of people gathered in front of Casa Rosada (Siege of the executive power editor’s note)). In comparison, protests against Milei are minimal.
The mid-term elections arrive in October. What can I hope for Javier Milei?
Today, its party has few seats in the two rooms of the Parliament: 38 in the Chamber of Deputies and 7 in the Senate. It is therefore impossible for him to have his reforms adopt without going through negotiations with the other parties. His coalition comes first in the polls (32 % editor’s note))but the renewal of mandates only concerns half of the seats in one of the rooms and a third in the other. Even in the event of an overwhelming victory, which seems to be looming, it is not certain that he obtains the absolute majority. It will most likely win many additional seats, but will no doubt have to continue to rely on its central and right allies to govern.
