Argentina has officially entered a technical recession in the first quarter as reported by official data on Monday. The tough austerity drive by President Javier Milei, focusing on restoring fiscal order, has led to job losses increasing in the country.
The official data from the INDEC statistics agency reveals that Argentina’s GDP declined by 2.6 percent in the first quarter compared to the final quarter of the previous year. This marks the second consecutive quarter of contraction, meeting the usual definition of a recession.
Furthermore, the jobless rate in Argentina rose to 7.7 percent in the first quarter, up from 5.7 percent at the end of the previous year. This increase in unemployment has resulted in approximately 300,000 newly unemployed individuals since the previous quarter.
Overall, the combination of economic recession and rising unemployment rates in Argentina reflects the challenges faced by the country amidst the austerity measures implemented by President Javier Milei to prioritize fiscal stability and economic recovery.
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