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On June 12, 2024, protests erupted near the National Congress in Buenos Aires as demonstrators clashed with riot police. The unrest came amidst a difficult economic situation in Argentina, where the national statistics agency reported a 5.1 percent contraction in the economy during the first quarter of the year.
President Javier Milei, who took office in December of the previous year, implemented austerity measures to cut spending. As part of this effort, all new public works projects were halted, leading to a 19 percent decrease in the construction sector. Manufacturing also suffered, contracting by 13.7 percent. The only area showing growth was exports, which were up 26.1 percent year on year.
Milei’s self-declared “anarcho-capitalist” approach aimed to reign in overspending and inflation, which had reached 4.2 percent in May, its lowest point in two and a half years. While some analysts saw these measures as necessary for long-term stability, others warned that they were coming at the expense of the most vulnerable in society.
Since taking office, Milei has made significant changes to curb spending and reduce inflation through cutting cabinet size by half, slashing public jobs and removing subsidies while devaluing peso he hailed these moves as “largest fiscal adjustment not only in Argentine history but also humanity.” However unemployment has increased to 7.7% from last year despite these efforts. The International Monetary Fund expects further economic contraction predicting a 2
