Miley: What is the “stagflation” that the President of Argentina mentioned in his first speech?

Miley: What is the “stagflation” that the President of Argentina mentioned in his first speech?
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“Stagflation” is a translation of the English word “stagflation”.

After assuming the presidency of Argentina, Javier Miley – the first economist to lead the country – gave a speech on the steps of Congress in which he gave a harsh diagnosis of the economy and warned that he would make a radical cut in public spending that would worsen the economic situation. Generating “stagflation”.

He said during his first message: “There is no alternative to adaptation and no alternative to shock. Naturally, this will have a negative impact on the level of activity, employment, real wages, and the number of poor and needy people.” Chief of state.

He added: “There will be stagflation, that’s true, but it’s not something very different from what happened in the last 12 years.”

What is stagflation and why has Argentina suffered from it for so long, according to Miley?

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