Economic downturn and employment decline negatively impact the economy

Argentina’s economy has officially entered a technical recession in the first quarter, according to official data released on Monday. The country’s GDP declined by 2.6 percent compared to the previous quarter, marking the second consecutive quarter of contraction. President Javier Milei’s tough austerity measures, aimed at restoring fiscal order, have contributed to the economic challenges facing Argentina.

In addition to the GDP contraction, job losses have also been on the rise in Argentina. The official jobless rate increased to 7.7 percent in the first quarter, up from 5.7 percent at the end of last year. This means that around 300,000 people have become unemployed since the previous quarter.

Despite the government’s efforts to address the economic challenges, the situation remains dire in Argentina. As the country grapples with a technical recession and rising unemployment rates, there is a pressing need for effective solutions to stabilize the economy and create job opportunities for its citizens.