Two years after Javier Milei's victory over Sergio Massa: from the Argentina of fear to the Argentina of hope

Exactly two years ago, on November 19, 2023, Javier Milei won the runoff with 55.65% of the votes. It was one of the most decisive victories since the return of democracy and managed to rebuild a country that was experiencing a constant sense of social collapse.

Between September and December 2023, monthly inflation skyrocketed:

• 12.7% in September,
• 8.3% in October,
• 12.8% in November,
• 25.5% in December, the highest value in more than three decades.

Annual inflation for 2023 ended at 211.4%, the highest since 1990. Sergio Massa's efforts to win the elections through his "platita plan" were not innocent. 

Country risk exceeded 2,400–2,600 points and the Central Bank's net reserves were negative by more than US$ 10 billion. The feeling was clear: a perfect storm of inflation, exchange rate gap, controls, and patches.

The Rental Law had removed more than 250,000 properties from the market, people had no options for housing; withholdings and restrictions hindered exports and production; and the price system was destroyed by the combination of controls and inflation. Kirchnerist policies had left us in the tenth basement and only managed to steal opportunities—and money—from Argentinians. 

We must not forget, in addition, that 2023 was marked by daily pickets, roadblocks coordinated by social organizations and constant marches, which had turned Argentina into a practically paralyzed country and had given the "poverty managers" immeasurable control over the most vulnerable.

In Buenos Aires City, more than 9,000 protests were recorded during the year, with days when 9 de Julio Avenue was blocked for hours. It was the perfect symbol of misgovernment: a State incapable of guaranteeing transit, work, or the daily life of Argentinians. 

The 56% shock: a plebiscite against the Kirchnerist model

In that context, Milei launched his most memorable message: "Enough of the impoverishing model! Enough of the caste! Long live freedom, damn it!". The country turned it into a mandate.

In his victory speech in 2023, he said a phrase that today resonates with the results in sight: "Today the reconstruction of Argentina begins. There is no room for gradualism."

The promise was clear: fiscal balance, price transparency, monetary order, and State reform. In short, to do what politics avoided for decades: to have a small, coherent, and efficient State. To let Argentinians create and produce. 

The second year of government opened a different stage: the arrival of major investments under clear rules.

Among the most important announcements:

• YPF–ENI: a mega LNG project from Vaca Muerta with potential of US$ 40 billion to 80 billion in long-term stages.
• Stargate Argentina (OpenAI + Sur Energy): an artificial intelligence data center with an estimated investment of US$ 25 billion.
• Total portfolio of announcements: around US$ 100 billion across energy, mining, infrastructure, and AI under the major investment regimes.

Argentina went from scaring away capital to becoming a strategic destination for global-scale projects.

Two years later: from catastrophe to a path of growth

In December 2024, upon completing one year in office, Milei said: "Thank you to those who trusted even when everything seemed dark."

Today, two years after the runoff, that phrase sums up a process: those who voted for freedom in 2023 were not just choosing a president; they were choosing to dream of a different country.

The Argentina of fear is behind us. The Argentina of order, surplus, and investments is beginning to take shape.

That 56% still resonates as a warning: Argentina under Kirchnerism will never return.

After taking office, Milei implemented the program he had announced. In March 2024, at the opening of sessions, he asked society for "patience and trust" and emphasized: "We're doing the dirty work to avoid a greater catastrophe."

Today, two years later, the indicators show the magnitude of the shift:

• Inflation dropped from 25.5% monthly to values between 1.5% and 3% monthly during 2025.
• Year-on-year inflation fell from 211% to levels close to 30–40%.
• Country risk, which he inherited at 1,900 points, dropped below 600 and remains around 900, the lowest level since 2019.
• Sovereign bonds experienced historic rallies, with increases of 10% to 20% on key days.
• The Government achieved sustained primary and financial surplus during 2024, something unprecedented since 2008.
• The trade balance reversed a deficit of almost US$ 7 billion in 2023 and moved to a surplus of more than US$ 20 billion.

The key point: Milei had promised stabilization, and stabilization arrived.