Javier Milei's presidency represents the most dramatic policy break in Argentine modern history. The self-described anarcho-capitalist won the November 2023 election on a platform of radical fiscal adjustment and dismantling of the Argentine state apparatus at scale. The first year delivered genuine results by Argentine historical standards: the fiscal deficit eliminated, inflation declining from 211% to below 50%, and IMF relations stabilised.

The political sustainability of Milei's programme depends on whether Argentines continue to accept consumption declines in exchange for macroeconomic stabilisation. La Libertad Avanza governs as a minority in both chambers, relying on opposition support and executive decree for major legislation. The Peronist opposition remains organisationally powerful, particularly in Buenos Aires Province.

Argentina's economy at approximately $620 billion (at market exchange rates, highly variable) has been through extraordinary volatility. The 2024 recession produced by Milei's shock therapy was sharper than many expected but shorter — early 2025 data showed recovery. Inflation, while declining from catastrophic levels, remains among the highest in the world. The IMF programme provides the external anchor.

The fundamental Argentine paradox remains: the country possesses extraordinary agricultural and energy resources, an educated workforce, and a sophisticated professional class — and has nonetheless produced chronic economic crises for 70 years. Whether Milei's reforms represent a durable break or the latest short-lived stabilisation is the defining investment question.

Agriculture dominates Argentine exports — soybeans and derivatives, corn, wheat, beef, and wine. The Vaca Muerta formation in Neuquén is the world's second-largest shale gas deposit and fourth-largest shale oil — a resource attracting YPF partnerships with major international oil companies. Mining (lithium in the Atacama triangle shared with Chile and Bolivia), technology (Buenos Aires has a significant software export sector), and financial services round out the picture.