World News for Students of English

13-12-2024 15:00

Argentina’s President, Javier Milei, is marking his first year in office with significant economic and social reforms.

He implemented one of the country’s strictest austerity plans, cutting public works, subsidies, and state jobs while devaluing the currency by 50%. Inflation has been the lowest in years, but these measures have also deepened poverty and unemployment. At least half of Argentina’s population now lives in poverty, and many struggle to afford basic needs.

Supporters highlight his achievements in stabilizing the economy and reducing spending. Some people praise him for introducing laws to modernize the economy and attract foreign investment. Critics argue that his reforms harm the most vulnerable. Milei’s popularity remains high among those hoping his policies will lead to long-term growth, but others feel his approach favors the wealthy and leaves many Argentinians behind.

Difficult words: austerity (strict measures to reduce spending), devalue (to reduce the worth or importance of), favor (to support or prefer one particular possibility or group).

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