Argentina leaders urge patience amid economic slowdown

Argentine President Javier Milei and Economy Minister Luis Caputo have addressed the current state of the nation's economy, calling for patience amid signs of slowing growth. Speaking from Paris, President Milei urged business leaders to remain patient, stating that “growth processes are not instantaneous.” He framed the upcoming elections as a choice between a “model of prosperity” and a “model of decadence,” suggesting that his administration's policies could lead to the best four years in the country's history if re-elected.

Economy Minister Luis Caputo denied that Argentina is entering a recession, despite recent indicators showing a decline in activity. While acknowledging that the economy is “growing less” due to international shocks—such as rising U.S. interest rates and oil prices—and local political factors, he noted that activity currently shows a monthly expansion of 0.2%. Caputo emphasized that the country has seen cyclical growth for 29 months, even if the current pace has slowed.

These statements come as the country's country risk index has resumed an upward trend, reaching 655 basis points. Caputo attributed the financial volatility to a combination of global economic shifts and domestic political uncertainty.