Argentina's President in Davos
Image: Reuters
At the World Economic Forum in Davos, the new Argentine President Javier Milei called for the “capitalism of free entrepreneurship” to be promoted. He faces a general strike at home.
FJavier Milei took a commercial flight for his first trip abroad. He cannot afford to appear wasteful, as he has imposed harsh austerity measures on his country. And yet, polls show that most Argentines support their new president. They are willing to suffer for the radical change that Milei promises.
But Milei is fighting against time. Inflation is galloping faster and faster. It has been over 200 percent in the last twelve months, and it is likely to rise even more. Many Argentines still have breathing room and are consuming to get rid of their increasingly worthless pesos. But the level of suffering is increasing, especially for the lower income groups. And this also increases the political pressure on the new government to produce results.
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