Argentina officially entered a technical recession in the first quarter of the year, with GDP contracting 2.6% compared to the previous quarter, marking the second consecutive quarter of decline. President Javier Milei’s austerity policies aimed at achieving fiscal order have intensified, leading to a rise in unemployment to 7.7% from 5.7% in the previous quarter, equating to 300,000 job losses. The measures, including significant spending cuts and infrastructure project halts, have impacted consumer spending and exacerbated economic challenges despite achieving a fiscal surplus.