After inheriting the worst crisis in history, President Milei put an end to the impoverishing Kirchnerist model
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This November 19, 2025 marks two years since the historic runoff in which Javier Milei defeated the Kirchnerist candidate Sergio Massa and put an end to two decades of economic and social destruction.
Today, economic data show an unprecedented change compared to the situation inherited in 2023, when the country was heading toward hyperinflation and the worst crisis in the country's history.
The libertarian administration celebrates the second anniversary of its victory with an undeniable reality: inflation, Argentina's main scourge, has plummeted to levels not seen in several years, while poverty, extreme poverty, country risk, and economic activity show significant improvements.
Javier Milei, presidente de los argentinos.
2023 vs 2025
The comparison between 2023 and the present allows for a clear understanding of the change in direction. During the end of the Kirchnerist administration, monthly inflation had soared to an alarming 12.8% in November 2023, in a context of uncontrolled money printing, price controls, and a deficit that reached 15 points of GDP.
Today, after two years of strict monetary policy, fiscal surplus, and the liberalization of relative prices, monthly inflation in October 2025 stands at just 2.3%, a reduction of more than 80% in less than two years.
The impact is even more evident in year-on-year inflation. In November 2023, the index reported by INDEC showed an increase of 160.9%, reflecting the accumulated deterioration in the last years of Kirchnerism.
In October 2025, that same measurement dropped to 31.3%, placing Argentina among the countries with the greatest disinflation in the world. Projections estimate that 2025 will close with a level close to, or even below, 30%, far from the 211.4% with which 2023 ended.
The macroeconomic improvement has also resulted in a sharp decline in poverty and extreme poverty. After inheriting a poverty rate of 52.9% in the first half of 2024, the recovery of real wages, price stability, and increased activity reduced the rate to 31.6% in the first half of 2025, the lowest value since 2018. Extreme poverty, which in 2023 reached 11.9%, fell to 6.9% this year.
Javier Milei, en su jura como presidente.
Country risk also demonstrates the change in expectations. From the 2,412 points recorded on November 17, 2023, Argentina dropped to 604 points on this November 19, 2025, its lowest level in years and a sign of growing international confidence.
Added to this is the return of economic growth: after a 1.6% drop in 2023, GDP showed a 6.3% year-on-year increase in the second quarter of 2025, driven by the stability achieved by Javier Milei's government.
Another symbolic milestone of the regime change is the disappearance of the exchange rate gap. While in November 2023 it exceeded 200% and paralyzed the economy, today it practically doesn't exist and the currency controls, which for years suffocated the private sector, have been dismantled.
Two years after the electoral victory, the libertarian government can present indicators that mark a turning point. Milei had promised to end inflation and put a stop to the impoverishing Kirchnerist model. The numbers, two years after that historic night, seem to prove him right.
