Milei Asks for Patience as Approval Falls and Economy Slows

Buenos Aires: Argentine President Javier Milei asked Argentines on Thursday, April 9, 2026, to be patient with the country's economic recovery, in an unusually humble tone for the libertarian president, amid falling popularity figures and a more difficult economic landscape for industrial and blue-collar employment sectors. Milei published a lengthy message on his X (formerly Twitter) account in which he lashed out at media for exaggerating the country's economic problems and at his top political rivals, whom he called "irresponsible psychopaths" for trying to destabilize markets.

According to Bloomberg, Milei's presidential approval rating fell to 36% in March 2026, the lowest level since he took office in December 2023. Monthly inflation, which had reached 1.5% in May 2025, rebounded to 2.9% in February 2026 — above market consensus — partly as a consequence of fuel price impacts from the US-Iran war in the Middle East.

Vulnerable Sectors and the Social Cost of Adjustment

Manufacturing and domestic consumption have proven more vulnerable than energy and agriculture export sectors. Job losses in 2025 were mainly attributed to falling purchasing power for workers and pensioners. Milei acknowledged in his message that there are sectors "going through difficulties" and reiterated that his shock strategy — which included a 30% reduction in public spending, subsidy elimination, and peso devaluation — was the only possible path to heal the Argentine economy after decades of fiscal populism.

Achievements and Prospects

The IMF estimates 4% growth for Argentina in 2026, and country risk stands at around 500 basis points, compared to more than 2,000 before Milei's election. The primary fiscal surplus, achieved for the first time in decades, is considered the government's greatest macroeconomic success.