Javier Milei closes its first year of government exceeding initial expectations, despite having taken office in a context of extreme vulnerability. With a critical economic outlook, marked by uncontrolled inflation and a weak institutional base, the libertarian outsider faced a monumental challenge. However, its management has managed to consolidate itself on three fronts: the market, interaction with the other powers of the State and society.
In the economic sphere, the markets have been its main bastion. Confidence in the libertarian program, focused on the fiscal surplus, has generated tangible results: the exchange gap was drastically reduced, bonds showed an upward trend, the country risk decreased and the Central Bank began to accumulate reserves. Although the economic recovery remains limited, the fall in inflation has provided respite for the productive sector, and market support, although volatile, remains solid for now.
In parallel, Milei has managed to impose his legislative agenda despite having minimal parliamentary representation: thirty deputies and only seven senators. The approval of the Bases Law marked a milestone in its reform program. Furthermore, the Executive has frequently resorted toecrets and vetoes to overcome congressional resistancethus ensuring the continuity of its policies. Even the Judiciary has supported, directly or indirectly, its transformation platform.
For its part, society continues to show surprising support for the president, despite the severe fiscal adjustment implemented. According to data from Argentina thinksMilei’s approval reached 53% in December, an increase of seven points compared to October. The general perception is that the economic crisis is the responsibility of previous administrations, while Milei is seen as the leader who can take the country forward. The promise of a prosperous future after present sacrifice remains a powerful message to his support base.
Looking ahead to the election year, Milei must make a key strategic decision: ally with Mauricio Macri’s PRO to confront Kirchnerism in Buenos Aires, or maintain the autonomy of La Libertad Avanza with the risk of fragmenting the right-wing vote. While his bold style suggests he will choose to go it alone, the political landscape is always uncertain.
Meanwhile, the ruling party benefits from the weakening of Peronism, mired in a crisis of leadership and credibility. With Cristina Fernández still as a central figurebut without the capacity to articulate a new majority, the movement faces the challenge of renewing itselfas already happened in the 80s and early 2000s, to once again be a viable alternative to power. With the trust of the market, popular support, institutional control and a disoriented opposition, Milei closes this first year with reasons for celebration and strategic challenges for the future.
by Facundo Nejamkis
