The administration of newly-inaugurated Argentine President Javier Milei introduced its first set of austerity measures this week, as South America's second largest economy attempts to pull itself out of an ongoing financial crisis defined by persistent inflation and a scarcity of foreign currency.
The new government will reportedly cut public spending equal to 2.9% of GDP. Energy subsidy reductions will account for the largest share of spending cuts (0.5%), followed by social security and pensions (0.4%) and transport subsidies (0.2%).
