How the IMF and US Helped Loot and Entrap Argentina with Debt

Milei took office in December 2023, and Argentina has been in deep recession since then. The recession has been caused by extreme fiscal austerity which slashed public services and investment; a hugely over-valued exchange rate which weakened the trade balance; and deregulation which increased profits at the expense of wages. The recession is visible in the collapse of industrial output and GDP growth. Industrial output remains down, but some GDP growth has finally returned (as was always bound to happen because economies do not shrink forever). However, the rebound has been weak and the economy has shrunk.