González Olguín: "There was a profound economic and social deterioration in a very short time"

  The economist and professor at the National University of Córdoba analyzed the results of the economic policy applied by Milei's government one year into his administration.

Economist Eduardo González Olguín said that the government of Javier Milei caused "a deep economic and social deterioration" in just one year.

"I think that with all objectivity it can be affirmed that Milei's economic policy has caused in a very short time a profound economic and social deterioration in Argentina. That can be synthesized in some indicators," said the professor of the National University of Córdoba (UNC), about the result of the economic policy applied in the last 12 months.

Among the most alarming data, González Olguín highlighted "a 3.8% drop in the Gross Domestic Product (GDP) compared to the previous year, according to the International Monetary Fund";the loss of 16% in real wages";the elimination of 261 thousand registered jobs, not counting the informal jobs affected"; "the increase in unemployment that went from 5.7% to 7.6%" or "the closure of 16 thousand SMEs and a drop in sales of small and medium-sized companies of 13.2%".

In addition, he stated that the purchasing power of workers and retirees also fell. "Pensions, which in November 2023 covered half of the basic basket of the elderly, today only reach a third."

On the other hand, he commented that "poverty went from 41.7% at the end of last year to 55% in the second half of this year, while indigence increased from 11.9% to 15.8%."

He also mentioned that meat consumption reached the lowest level in 26 years and that investment suffered the largest drop since 2004, with a decline of 35%, only comparable to the most critical years of the pandemic. For González Olguín, these figures show "a strong retraction of demand".

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