Argentina's economic recovery via free market policies and lessons for Phl

It's my first time to set foot in South America and I am here in a country with the first openly free marketer president in the continent, Argentina President Javier Milei.

- Bienvenido S. Oplas Jr.

BUENOS AIRES -

I am here to attend meetings and forums with fellow leaders of free market think tanks, institutes and taxpayers associations.

The local host is the Asociacion Argentina de Contribuyentes, among the groups that supported Milei in the elections.

Argentina had a bad, anti-poor economic performance prior to Milei.

For instance, the average inflation rate from 2010 to 2019 and 2020 to 2023 were as follows: Argentina 22.1 percent and 74.1 percent; Brazil 5.8 percent and 6.3 percent; Philippines 3.0 percent and 4.5 percent and Indonesia 4.7 percent and 2.9 percent.

In GDP growth over the same period, Argentina had growth of only 1.4 percent and 1.1 percent, Brazil 1.4 percent and 1.9 percent.

The Philippines had 6.4 percent and 2.3 percent while Indonesia had 5.4 percent and three percent.

So public dissatisfaction with the previous administrations including the administration candidate versus Milei was high, and Milei won the second round elections in November 2023.

After 12 months, he has produced significant improvement in the country's economic fundamentals.

Among these are the following:

One, a budget surplus in 2024, for the first time since 123 years ago.