ARGENTINE PRESIDENT SLAMS THE SOCIALISTS AT THE WEF Free enterprise capitalism is the only tool we have to end hunger and poverty he said
The new Argentinian President Habier Milei praised free markets while slamming socialism and “social justice” economic models in a speech aimed at the World Economic Forum (WEF) at Davos that marks his first overseas tour.
“Socialism is a phenomenon that creates poverty,” he said in a special address to the elites at the World Economic Forum, warning the West was “in danger” of its spread.
“Free enterprise capitalism is the only tool we have to end hunger and poverty.”, he claimed, showing that without free market capitalism, the world’s GDP would have stayed flat over the entire period from the early 1800s to today.
Milei shot to power last year on the back of voter anger at the deepening economic crisis in Argentina, often campaigning with a chainsaw to underscore his plans to slash the size of the “state”, claiming the “Size of the State” is the problem with the State.
He needs to rebuild depleted foreign currency reserves and spur growth.
Argentina is racing to salvage its massive loan program with the IMF, the Washington-based lender’s largest debt globally. Last week it secured an agreement with IMF staff over the program’s latest review, which should unlock some $4.7 billion of funds.
Milei has plans to dollarize Argentina’s economy and shut its central bank, but the conditions were not yet right for doing so and the government first had to stabilise the economy and navigate a tough period of austerity