Milei gains popularity as Argentina’s economy shows sign of life

President Javier Milei’s approval rating recovered last month as the economy showed signs of recovery and inflation cooled to its lowest point in nearly three years.

Argentines’ approval of his government rose to about 47 percent in November, compared with 43 percent the month before, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News.

The poll published on Wednesday brings good news for Milei just as he finishes his first year in office, showing that Argentines who approve of his administration again outnumber those who are against it. 

Over the past few months, key economic indicators improved in the country while the victory of Donald Trump in the United States buoyed Argentina’s hope for international aid.

In early October, Milei’s popularity had been battered by a mass national protest against his spending cuts to public universities, a point of pride in South America’s second biggest economy. A string of economic wins seem to have reversed the sentiment, although support among college graduates remain lower.

“The president’s approval rating has been highly sensitive to conflicts with specific sectors, notably universities, which have demonstrated a strong capacity for mobilisation,” said Juan Cruz Díaz, managing director of Cefeidas Group, an international advisory firm. “The recovery in his approval can be attributed to the consolidation of key economic indicators.”

Argentina’s economy has been giving a few signs of emerging from the austerity-driven recession. Monthly activity data posted growth in July and August, followed by a small contraction in September. Wages have been outpacing inflation consistently since April and consumer prices rose 2.7 percent in October from the previous month, compared with 25.5 percent in December.

Across Latin America, Argentines are among the most upbeat about Trump’s victory, the poll showed. Nearly half of its respondents said they expect Argentina’s economic situation to improve with the Republican back in the White House. Milei, a strong supporter of the president elect, is hoping to strike a new deal with the International Monetary Fund to replace the current US$44-billion loan from the Washington-based institution, and US support is paramount.

AtlasIntel conducted its survey for Argentina November 21-27 with 1,621 respondents. It has a 95 percent confidence level and a margin of error of minus or plus two percentage points.