Argentina's economy has been experiencing a significant downturn under President Javier Milei's administration, with key economic indicators showing a concerning trend. Retail sales plummeted by 13.7% in December, and the Organization for Economic Co-operation and Development (OECD) predicts that inflation in Argentina will reach 250% this year, a sharp increase from the previously forecasted 157%. Additionally, SME data for January reflects ongoing economic challenges. The country's export sector, which has been underperforming since the late 1990s and particularly after the global financial crisis, is facing a balance-of-payments constraint on growth. Inflation is being used as a mechanism to squeeze incomes and reduce demand for imports. Meanwhile, President Milei is embarking on an overseas tour, with visits to Israel and Italy, where he will meet with Prime Minister Giorgia Meloni and Pope Francis, whom he once controversially called 'the devil's representative on earth'. His visit to Israel is particularly noteworthy, as he has shown a personal approach and sensitivity to Israeli security challenges, which is uncommon in Latin America. Milei's foreign policy appears to challenge the notion that Israel is becoming increasingly isolated in the region. During his visit to Israel, Milei had an emotional moment at the Western Wall, where he prayed and lit a candle in memory of those killed in the conflict with Hamas. He also met with President Isaac Herzog.
Argentine President Millay kissed the Western Wall https://t.co/7tJTa6fRDy
Argentina's @JMilei Javier Milei Meets Isaac Herzog, Offering Support for Israel's 'Legitimate Self-Defense' Against Hamas https://t.co/XzJMRFyQef
Argentina’s Milei breaks with Latin America, doubles down on Israel support, @RinaBassist writes https://t.co/t6xhKbp5wH
Argentina President Milei bursts into tears during his visit to the Western Wall today. https://t.co/jUVmhdxwjW
MILEI CRIES AT ISRAELI WALL *** https://t.co/dYnpu4p0AU
#Watch: Argentina President Javier Milei at the western wall https://t.co/frgdCWCABw
Argentine President Javier Miley lit a candle at the Western Wall in memory of those killed in the war with Hamas. https://t.co/wBAXutjZ91
Argentina's new president arrived in Israel for a three-day visit on Tuesday, as part of his bid to deepen ties with the West while grappling with acute economic challenges back home https://t.co/lQxf9G59uu
Javier Milei emotional as he prayed at the Western Wall in Israel. https://t.co/zQEy9PVKw0
🇮🇱🇦🇷 Javier Milei has only been in Israel for a couple hours and he's already bowed to the Western Wall. https://t.co/3dUGcTL0jc
“As South America’s second-largest economy, it is a diplomatic heavyweight in the Americas, where Milei’s foreign policy challenges the impression that Israel is increasingly isolated in the region,” I told @haaretzcom. https://t.co/StP3Oq8KY0
“His sensitivity to Israeli security challenges is a rarity in Latin America, and Milei is showing that he is clearly willing to swim against the tide,” I told @haaretzcom. https://t.co/DseNvZEBnT
El Presidente Javier Milei mantuvo un encuentro con el Presidente del Estado de Israel, Isaac Herzog, en Jerusalén. https://t.co/Ly62F8vBr7
“Milei’s approach to Israel is deeply personal and it is no surprise that he is traveling to Tel Aviv and Jerusalem so early in his presidency,” I told @haaretzcom. https://t.co/StP3Oq8KY0
President Javier Milei said dollarization of Argentina’s economy is the final step in a long process that is unlikely to be completed this year https://t.co/A6pc7Fk4X7
My boy #Argentina #Israel https://t.co/xV3c5YbCN3
El Presidente Javier Milei aterrizó en Tel Aviv y fue recibido por el Ministro de Asuntos Exteriores de Israel, Yisrael Katz. https://t.co/XAhFEUfWOL
Hola & Shalom President Javier Milei (@JMilei). Welcome to Israel, where you arrive as a warm and cherished friend of the Jewish state. We deeply thank you also for wearing the necklace in honor of our hostages, who still remain in captivity in Gaza. 🇮🇱 ❤️ 🇦🇷 https://t.co/XI2OFoZWEp
Argentina’s philosemite president Javier Milei heads to Israel, with his rabbi in tow https://t.co/KRvL2dBGl7
Argentina's President Javier Milei has set off on an overseas tour. He will visit Israel today and then fly to Italy where he will meet PM Giorgia Meloni. The Argentinian will also meet Pope Francis, whom he once called the pontiff “the devil's representative on earth”. https://t.co/CZ6eQDXHML
Argentina's president @JMilei on his way to Israel https://t.co/8OFx9BadDm
Argentina has struggled with political dysfunction and financial crises for decades. What could firebrand President Javier Milei mean for Argentina’s economy and role in the world? Get the latest from our explainer: https://t.co/DVWiP4shjI
NEW: Argentina’s Milei leaves for Israel and to meet Pope at Vatican https://t.co/NFVTRh8iu5
One of the most important contributions of Argentina's new president Javier Milei is to return the debate about the case for limited government to the global stage. https://t.co/JhSUJyNcfT
Javier Milei doing the lord's work is something we can ALL get behind. https://t.co/zEL638j4bF
Argentina’s export sector has stopped growing, leading to a balance-of-payments constraint on growth. Inflation is the mechanism by which incomes are squeezed to reduce the demand for imports. https://t.co/72e3n5PiAM
Who is Javier Milei and can he fix Argentina? I spoke with @FareedZakaria @CNN about what Argentina's President has in common with other populist leaders, as well as his plans to privatize, dollarize, and balance the budget. Our full conversation, here: https://t.co/APsOUJcTKu
I hadn’t realized quite how badly Argentina’s export sector has done since the late 1990s and especially after the global financial crisis. It was covered up by improving terms of trade for a decade or so, but not since 2011. Ouch. https://t.co/mdgiHcm4GP
I’m catching up on Argentina’s recent history, and I hadn’t realized quite how badly its export sector has done since the late 1990s and especially since the global financial crisis. It was covered up by improving terms of trade for a decade or so, but not since 2011. Ouch. https://t.co/g8Em3GdSrN
I’m catching up with Argentina’s recent history, and I hadn’t realized quite how badly its export sector has done since the late 1990s and especially since the global financial crisis. It was covered up by improving terms of trade for a decade or so, but not since 2011. Ouch. https://t.co/ugk6Als0ep
Inflation in Argentina will soar to 250% this year, significantly higher than the previous forecast of 157% - Organization for Economic Co-operation and Development Additionally, the country is expected to experience a deeper economic downturn in 2024. Presidency of Israel-US…
After President Miley came to power, Argentina's economy has been falling at a rate unprecedented in the country's history The first data on key economic indicators for December and January in Argentina have been published: ✔️Retail sales fell by 13.7% in December ✔️SME… https://t.co/kkIOqJJC7O