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Published on: 09/30/2026 - 10:26 Modified on: 09/30/2026 - 10:27

Argentine President Javier Milei is in Paris to defend his record and attract European investors. Although his shock therapy made it possible to bring down inflation and restore public accounts, the economic recovery is running out of steam and poverty is on the rise again.

Javier Milei begins a three-day visit to Paris, just over a year before the next Argentine presidential election. The Head of State is participating in Argentina Week, a forum intended to promote the country's key sectors to European investors. After a first edition in New York, Buenos Aires wants to highlight its energy, its mines, its agriculture and its new technologies.

Javier Milei especially defends the results of his shock therapy, marked by a massive reduction in public spending. Annual inflation, which had approached 300% in 2024, fell to 33.5%, while public accounts returned to green and public debt fell sharply.

The social cost of shock therapy

After two years of recession, Argentina's economy rebounded by more than 4% in 2025, but this recovery is now losing momentum. GDP fell by 0.6% in the second quarter of 2026 compared to the previous quarter and activity fell by 2.9% in July month-on-month.

Poverty is also on the rise: almost one in three Argentines now lives below the poverty line. At the same time, the government is further opening the country to foreign capital, in particular by removing restrictions on the purchase of rural land. Symbol of the decline in purchasing power: consumption of beef, a true national institution, has fallen to its lowest level in twenty years.

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