Argentina is plunging into a technical recession because President Maile's reforms have increased Argentina's public debt and reduced employment and produced no results other than some reduction in inflation.
Argentina's economy is in a technical recession after a second consecutive quarterly contraction.
The index of total economic activity conducted by the consulting firm Orlando Ferrers and its partners shows a decrease of 1.2% in the third quarter, while the Center for Quantitative Business Research (CECN) at the University of San Andres estimates a decrease of 2.66% compared to the second quarter.
About three years into President Javier Maile's plan, which included sweeping measures to balance the budget and curb hyperinflation, economic growth has failed. The data now indicate negative trends in almost every area: output is falling, inflation has slowed and returned to over 30%, the number of registered jobs is falling, peso loans are falling in real terms, and the country's risk profile has more than doubled since July. Miley rejects this diagnosis, announcing in September that there is "no recession" but only a "slowdown" and doubts the official data supporting it.
At the same time, the number of the poor in the country is increasing and, consistently, each reporting quarter, sets a new record.