• I traveled to every continent in a year. Some countries won me over more than others.
• Countries like Australia and Argentina were my favorites to visit, and I'd happily go back.
• I'd skip returning to Ghana or Japan and instead visit other places on their respective continents.

Between October 2023 and September 2024, I visited all seven continents.

I had been to most continents, like Europe, several times before, but it was my first time visiting Australia and Antarctica.

During the year, I visited new-to-me countries like Vanuatu, and I also stuck to tried-and-true favorites like Italy and Spain.

All in all, I visited 18 countries. Three were my favorite stops, but there are two I'd skip on my next trip around the world.

I loved visiting Australia.

I kicked off my year of travel with a visit to Australia. I was blown away by the country's landscapes, both above and below the water.

I loved getting to scuba dive in the Great Barrier Reef, where I swam with turtles, friendly sharks, and thousands of colorful fish.

The highlight of my visit to the country, however, was a three-day stay in the Australian Outback. I was especially astonished by the cultural significance of Uluṟu-Kata Tjuṯa National Park, home to cave drawings estimated to be nearly 30,000 years old.

Even still, I feel like there's so much more I want to see in Australia.

I can't wait to return to Argentina.

South America is my favorite region of the world, and a short visit to Argentina had me longing for more.

From Patagonia's iconic hiking trails to Buenos Aires' late-night dining scene to Mendoza's picturesque vineyards, Argentina offers an ideal blend of everything I love about South America.

After Australia, I headed to Argentina to board an expedition cruise to Antarctica. Before embarking, I made time to quickly see some of the country's highlights.

I explored the café culture of Buenos Aires, indulging in delectable alfajores, which are shortbread-like cookies filled with creamy dulce de leche. Later, I headed to the world's southernmost city, Ushuaia, and hiked through Tierra del Fuego National Park.

My short, four-day visit to Argentina barely scratched the surface, and I can't wait to plan another trip back.

Turkey was amazing, too.

Turkey quickly became one of my favorite countries during my visit to all seven continents.

Its major city Istanbul was a gift to my senses. Labyrinthine bazaars took me back in time, while modern, jam-packed shopping centers were just a few blocks away.

Visiting the Cappadocia region left me further impressed as I watched a dazzling display of hot-air balloons fly over the unique landscape and rock formations.

Also, booking a traditional cave hotel is a must-do in the region — it's as cozy as it is magical. Overall, there's so much I'd love to revisit and still explore in Turkey.

However, I'd skip Ghana next time.

To visit all seven continents in one year, I needed to plan a trip to Africa. Having previously traveled to Egypt and Morocco, I visited Ghana to try something new.

During my 10-day trip, I hopped along the coast to busy cities and off-the-grid beach towns. I was in awe of the organized chaos of Ghana's markets and I appreciated how the cuisine featured textures and flavors completely foreign to my American palate.

A visit to its Cape Coast Castle, used in the Atlantic slave trade, was both heavy and insightful. It was one of the most perspective-shifting moments during my entire year of travel.

Despite loving my trip to Ghana, I feel I saw most of the country's main tourist attractions in one visit. On my next trip to the African continent, I might visit somewhere like Tanzania or South Africa instead.

If I'm in Asia, I'd rather go back to South Korea instead of Japan.

I had high expectations for my trip to Japan, but I think I'd skip the country next time I head to Asia.

My final trip of the year was to South Korea and Japan, where I traveled by bicycle to lesser-visited regions of each country. After over 600 miles of riding, I found I preferred South Korea to the latter.

Not only did I think South Korea had better bicycle infrastructure, with car-free bike paths spanning much of the country, but also I preferred the country's cuisine, weather, and culture.

Japan's temples and cities were awe-inspiring, but the oppressive summer heat made exploring miserable.

Additionally, as a vegetarian, I found the country's cuisine options limited as many focused on fresh seafood. On the contrary, I loved South Korea's spicy dishes and communal dining culture.

I'm not opposed to visiting Japan again in the future, although certainly not in the summer. Regardless, I'd probably pick South Korea instead if I'm in Asia.

• I'm 26 and have traveled to nearly 100 countries around the world.
• My love for travel started when I took a trip to Ghana in college.
• A few of my favorite travel destinations include Argentina, Laos, Greenland, and South Africa.

When I was 18, I signed up for a college class that involved a trip to Ghana. That visit sparked my motivation to visit as many countries as possible, as soon as possible.

By prioritizing travel at a young age, I've been able to experience incredible adventures, personal growth, and cultural education across nearly 100 countries at 26 years old.

Here are 10 places I think everyone should have on their travel bucket lists.

My trip to Ghana inspired my love for travel.

Sleeping under a mosquito net on the mud floor of a local's home was the pivot point that turned my travel curiosity into a mission to discover different ways of living in every corner of the world.

I found it so easy to share a smile, join a dance, and bond with people raised in a completely different cultural and economic environment.

Ghana offered so much contrast between the warmth of its people and the darkness of its colonial history, which I think everyone can learn from.

There's so much to love about Argentina.

From the roaring waterfalls of Iguazu to the adorable penguins in Ushuaia (the southernmost city in the world), Argentina has it all.

I enjoyed trekking peaks in Patagonia equally as much as dining on affordable cuts of prime steak in the historic neighborhoods of Buenos Aires.

Traveling through Laos on a riverboat is an experience I'll never forget.

Laos is well worth a visit for a journey down the mighty Mekong River. I took a slow boat for two days from Luang Prabang, the capital, to the border of Laos and Thailand.

I often think back to this experience, which allowed me to immerse myself in nature as I floated by riverbanks full of rural villages. I even woke up next to elephants splashing in the river.

In my opinion, Greenland is an unmissable destination.

On the world's largest island, which has no connecting roads, I traveled by sailboat from one small fishing settlement to another.

Witnessing the resilience of East Greenland's remote native community living in such inhospitable conditions is something I'll always remember as a testament to human survival skills.

With a chance to see the northern lights, gaze at glaciers, and climb mountains, Greenland makes for an unmissable destination.

French Polynesia is one of the most beautiful places I've ever been.

There are a lot of beautiful islands in the world, but to me, nothing beats the lush green mountains and sparkling turquoise waters of French Polynesia.

As a territory of France, these islands gave me the unique opportunity to munch on tasty croissants and even go for a night of fondue — all while underneath palm trees.

Malaysia is one of my top travel recommendations.

When I brainstorm travel recommendations, Malaysia's capital city, Kuala Lumpur, the island of Penang, and the streets of Malacca always come to mind.

The intermixing of Hindu temples, stunning skyscrapers, and colorful street art captured my attention at every turn.

In my opinion, Malaysian cuisine also stands out. A noodle dish called char kway teow, which is very popular in the country, is my favorite meal in the entire world.

Getting a freshly made plate from the wok of a street vendor is an experience my taste buds have remembered for years.

There's so much to do in South Africa.

My time in South Africa was filled with so much diversity that I could hardly believe I was still in the same country.

I experienced everything from safari game drives and scuba diving with sharks, to memorable museums about the country's complex history from the apartheid and colonial eras.

Every day was a new adventure, and I came home with powerful new perspectives.

There's more to Mexico than the popular tourist spots.

Although many tourists flock to Cancún, the lesser-visited parts of Mexico deserve a visit, too.

Beyond its sun-kissed coastlines, I love Mexico's culture-rich cities, like Oaxaca, which boasts some of the best meals I've ever had, and, arguably, the best Día de los Muertos celebrations.

I have so many great memories from my trip to Morocco.

The taste of sweet mint tea, the sound of a bustling medina, and the sight of the sunrise in the Sahara desert are just a few key memories I have of Morocco.

The country's hospitable culture, rich history, artisan crafts, tasty cuisine, and stunning architecture made me sure I'd visit again before I had even left.

Norway is truly stunning.

No landscape I've seen compares to awe-inspiring cliffs bordering the sea in the fjords of Norway.

A view from Reinebringen, a popular but difficult hike in the Lofoten Island archipelago, has been my phone lock screen for the past three years, simply because I want to remind myself of this majestic beauty on a daily basis.

Walking amid towering cliffs that make you feel small is the best way to remind yourself how big the world really is.

• Javier Milei is facing impeachment calls after he promoted a meme coin on social media.
• The Argentine president endorsed $Libra coin, which surged in value before crashing hours later.
• Opposition politicians have called the incident an "unprecedented scandal."

Argentine president Javier Milei is facing a legal investigation and impeachment calls after he promoted a cryptocurrency that quickly collapsed.

Milei endorsed the $Libra meme coin in social media posts on Friday. He said it would boost the country's economy by funding small businesses and entrepreneurs.

Milei's endorsement sent the token soaring from almost zero to above $4, before falling to less than 50 cents just hours later after the posts were deleted, Reuters reported.

Observatorio del Derecho a la Ciudad, an NGO in Argentina, said some 40,000 people had been affected, with losses above $4 billion.

Argentina's main stock index closed more than 5% lower on Monday.

Meme coins are types of cryptocurrencies that are sometimes based on internet jokes, such as Doge. Before his inauguration, President Donald Trump and first lady Melania Trump even launched their own coins — $Trump coin and $Melania coin. The coins sparked anger in the crypto world, with experts criticizing the Trumps for making a mockery of the sector.

Lawyers in Argentina filed complaints of fraud in criminal court over the weekend. Some have speculated that the case against Milei could be classified as a "rug pull," when promoters of a coin attract buyers but then stop trading before it crashes to pocket some of the proceeds.

Jonatan Baldiviezo, one of the plaintiffs, told The Associated Press that the president's actions meant a "crime of fraud was committed."

A judge was assigned on Monday to investigate the case role.

Argentina's main opposition coalition said it would move forward with its push to impeach Milei, calling his involvement in the coin an "unprecedented scandal" in an X post.

Milei's office said in a statement on X on Sunday that the president "shared a post on his personal accounts announcing the launch of the KIP Protocol project, just as he does daily with many entrepreneurs who want to launch a project in Argentina to create jobs and get investments.

"Not having been part of any stage of the development of the cryptocurrency, after the repercussions that the launch of the project had and to avoid any speculation and not give it further dissemination, he decided to delete the post."

KIP Protocol said on X it was involved with distributing project funds to businesses in Argentina and did not have any role with the Libra coin itself.

Meteora fallout

Ben Chow, the cofounder of Meteora, the platform behind $Libra, has stepped down following the controversy, according to a statement on X from "meow" on Tuesday.

"Meow" cofounded Meteora and is behind Jupiter, which calls itself "one of the largest decentralized trading platforms and one of the most active governance communities in crypto."

The statement said Chow had "shown a lack of judgment and care about some of the core aspects of the project (given its current size and reputation) over the past couple of months," and had "chosen to resign."

"Meow" also said in the statement that "no one at Jupiter or Meteora committed any insider trading or financial wrongdoing, or received any tokens inappropriately."

The law firm Fenwick & West has been hired to investigate and would independently publish a report, "meow" added.

• Claudia Victoria Poblete Hlaczik, 46, was abducted along with her parents when she was 8 months old.
• She was raised believing her caretakers were her real parents.
• Meeting her biological grandma changed everything.

"When the court-ordered DNA test arrived, I was surprised, but absolutely sure it'd come back saying they were my real parents," Claudia Victoria Poblete Hlaczik said of the letter she received in 2000 when she was 21.

The results stunned her. She showed a 99.99% genetic link to a complete stranger, her grandma, who had been the one requesting the DNA test.

Slowly, her entire life unraveled as one big lie. "I felt like 'Alice in Wonderland' through the looking glass — almost everything I'd been told about my identity was false and turned on its head," she said.

Poblete Hlaczik's actual parents had been kidnapped when she was 8 months old during Argentina's military dictatorship. Poblete Hlaczik's whole identity — her name and birth date were changed, and her birth certificate was falsified. She was given to a couple who lied to her about her identity, claiming she was biologically theirs.

And now, this older woman who — irrefutably — was her grandma wanted to meet her.

Her grandma is part of an impactful human rights organization

But this wasn't any grandma. This was the woman who'd go on to be the vice president of the Abuelas de Plaza de Mayo — a group of grandmothers searching for their vanished grandchildren.

It has become one of the world's most remarkable and impactful human rights organizations. Its president, Estela de Carlotto, is 94. Its vice president, Buscarita Roa — Poblete Hlaczik's paternal grandmother — is 87.

Last month, the group announced it discovered the 139th grandchild in its search, continuing its long quest to reunite families broken up by the military dictatorship's abduction plan.

It's widely estimated that up to 30,000 people considered political threats were "disappeared," meaning they were detained, tortured, or killed. These people were considered "political threats" to the dictatorship from 1976 to 1983.

Initially, Poblete Hlaczik was unsure, confused, and afraid

"I'd been raised in a bubble," Poblete Hlaczik said. "I didn't know what'd happened in Argentina."

She said she had earlier "creeping doubts" due to the advanced age of her appropriators but pushed them to the back of her mind.

Poblete Hlaczik said she initially kept "an affectionate relationship" with the military couple even after discovering the truth. "Even though they'd admitted stealing me, I worried about what'd happen to them; I felt they were my parents — and they were old," she said.

Things changed in 2008 when Poblete Hlaczik had her first of two children (now 16 and 12).

"Becoming a mother, I realized what it really meant to have a child taken from you, and lie to that child daily for two decades, and hide that child from an older family member frantically looking for me," she said, adding that she didn't want her child to confuse the people who raised her as family.

The last straw came when the couple said they didn't regret ridding Argentina of its "ideological opponents." Poblete Hlaczik then cut all contact, changed her name, and reverted to celebrate her actual birthday.

The grandmother never gave up

Under a doily, in a prominent position, sits a photo of one of her seven sons and his wife in their early 20s: Poblete Hlaczik's real parents. They've never been seen since.

"Any mother's love is a force," Roa said of her search for her granddaughter. "They'd have to kill me before I gave up."

After her son disappeared, she'd heard some grandmothers held vigils at the famous Plaza de Mayo every Thursday to share information, demand answers, and protest. They'd wear headscarves on their heads — for visibility and to symbolize missing children.

Soldiers fired water cannons at them, but they didn't budge. "We'd lost our fear. They dismissed us as silly crybaby housewives who'd get tired," Roa said. "I wasn't tired then — and I'm not tired now."

Being underestimated meant they could achieve more than their military opponents had prepared for.

Roa hasn't stopped now that she's found her granddaughter, and now the Abuelas have played an integral part in bringing the perpetrators to justice in Argentina's courts, a process that continues to jail people today.

"When they said we'll never stop," Poblete Hlaczik said, stroking her smiling grandmother's hand, "they meant it."

"When we find a grandchild, they're the grandchild of all of us," Roa said. The search continues; in December, the Argentine government estimated that 300 children were still missing.

• I have been to 37 countries and multiple continents, but South America is my favorite region.
• I love spots like Pucón, Chile, and Florianópolis, Brazil, that sometimes fly under the radar.
• Argentina's southernmost city and Peru's "White City" are worth a visit, too.

After visiting 37 countries and multiple continents around the world, I keep coming back to South America.

I feel at home when exploring the continent's vibrant countries, whether I'm enjoying local cuisine or trekking through the Andes.

Having spent nearly a year traveling the region, I've crossed popular attractions like Iguazu Falls and Machu Picchu off my list. I've also had the chance to discover lesser-known destinations that are equally as enchanting.

Here are some of my favorite places to visit in South America that I think are underrated — oftentimes because they're overshadowed by their more popular neighbors.

Pucón, Chile

Chile is an absolute paradise for adventurous travelers, from the north's otherworldly desert to the south's jagged Patagonian peaks.

Many travelers flock to its chic cities along the coast, such as colorful Valparaíso or world-renowned Torres del Paine National Park, famous for its scenic multiday treks.

Yet I'd argue Pucón, a charming city in Chile's Lake District, is the true adventure capital of the country. The lakefront city has incredible white-water rafting, abundant hot springs, and canyoneering opportunities.

Perhaps the most intrepid pursuit, though, is a climb of Pucón's Villarrica volcano — among the most active in all of South America.

Visitors can reach Villarrica's crater on guided day tours, where spurting lava can be visible from above with the naked eye.

Florianópolis, Brazil

Despite its popularity among domestic and Argentine tourists, Brazil's city of Florianópolis still doesn't seem to be on the radar of many North American travelers.

Located on the island of Santa Catarina, Florianópolis is affectionately known as the "Island of Magic" and is home to over 40 beaches.

Each of the island's beaches offers a distinct vibe, from the family-friendly Daniela Beach to the trendy surfing spot Praia Mole.

Its less-populated southern area has some of the island's most remote and stunning beaches, including Lagoinha do Leste, which is only accessible by boat or on foot.

Aside from the beaches, visitors can wander through the Portuguese-influenced town of Santo Antônio de Lisboa, taste fresh oysters at the downtown market, and explore Brazil's nightlife in the hip Lagoa da Conceição neighborhood.

In my opinion, Florianópolis offers the best of Brazil in one package.

Ushuaia, Argentina

Ushuaia, Argentina's southernmost city, is the most common port for cruises to Antarctica. Yet although thousands of cruisers pass through Ushuaia each year, few stay long enough to truly appreciate the region's attractions.

Starting downtown, visitors can find charming, walkable streets lined with outdoor gear shops, cozy cafés, and Argentinean restaurants. Local delicacies, including king crab and Patagonian lamb, are must-tries.

Just over 7 miles from downtown is Tierra del Fuego National Park, with over 20 miles of beautiful hiking trails. Wildlife is abundant in the region, from Fuegian foxes to even penguins at nearby Martillo Island.

Arequipa, Peru

Places like Machu Picchu and Cusco may take the top spots on travelers' Peru itineraries, but Arequipa is also worth a visit.

Known as the "White City," Arequipa's colonial-era buildings were constructed with white volcanic stone, making the city's historic center as bright as it is beautiful. Expect Arequipa's Plaza de Armas — the main square — to bustle with activity at any time of day.

Those interested in Andean history should visit the Andean Sanctuaries Museum. The city also provides easy access to Colca Canyon, one of the deepest in the world. It's a popular day trip for tourists in the region.

Arequipa has hundreds of thousands of fewer tourists than Cusco each year, and I've found its rich history, local culture, and beautiful nature are absolutely worth seeing in person.

• Argentina's Javier Milei was pictured with people close to Donald Trump at events over the weekend.
• Elon Musk, Vivek Ramaswamy, Kari Lake, and Roger Stone praised the Argentine president.
• His government has brought inflation down, but its approaches have also triggered a recession.

Javier Milei was the talk of Trumpworld in the days leading up to Donald Trump's inauguration.

Videos and pictures captured over the weekend showed Argentina's firebrand president rubbing shoulders with — and receiving praise from — some of those close to the president-elect, at events held in Washington, DC.

Milei was welcomed with a standing ovation and a round of applause at the Official Hispanic Inaugural Ball on Saturday, which celebrates the achievements and impact of US Hispanics.

Vivek Ramaswamy, the cohead of DOGE, who introduced him at the event, described Milei as "a man who knows how to DOGE & how to MAGA."

The Department of Government Efficiency, or DOGE, is a new commission that aims to slash federal spending and cut regulations.

On Sunday, Michael Milken, chairman of the non-partisan economic think tank Milken Institute, also welcomed Milei at the Center for Advancing the American Dream as the event's "very first" speaker and for "shining a light not just Argentina but the world today."

Milken was pardoned by Trump in 2020. He had served 22 months in prison for insider trading in the 1990s and has become a prominent philanthropist.

Later that same day, Milei was pictured with Kari Lake, the Voice of America director-designate who lost the Arizona Senate last year, at the 1775 Gala.

"So blessed to speak with Argentina's incredible President @JMilei at the 1775 Gala — as we celebrate 250 years of faith and freedom!" she wrote.

Since assuming office in December 2023, Milei has overseen a decline in inflation in Argentina, but his sweeping cost-cutting policies have also triggered a recession.

Milei fired tens of thousands of public employees, shut down half the country's 18 ministries, and cut state spending by an estimated 31% in his first 10 months in office.

Partly as a result, Argentina's headline inflation rate dropped from 25.5% in December 2023 to 2.4% in November 2024 — the lowest it had been in over four years.

However, Facundo Nejamkis, director of Opina Argentina, a political consultancy firm, told Reuters in December that the cuts had ignited a "major" recession.

And Argentinians' purchasing power has eroded to record lows, with the real minimum wage falling by 30%, according to a December report by the Interdisciplinary Institute of Political Economy at the University of Buenos Aires' Economics Faculty.

Even so, Milei's policies have received praise and attention from some in Republican circles, due to his sweeping cost-cutting measures.

Elon Musk and Ramaswamy, the co-leaders of DOGE, have, in particular, praised Milei.

In fact, Musk repeatedly praised Milei on X over the weekend, saying once in Spanish that, "I love @JMilei."

As Business Insider previously reported, Ramaswamy and Musk have scaled back their goal of cutting $2 trillion from US federal spending by the time the commission disbands, no later than July 4, 2026, but have still floated a slate of reforms, from deleting agencies to firing federal employees.

Milei was also photographed with former Trump advisor Roger Stone, who, in an X post on Sunday, said, "I worked for Ronald Reagan, I worked for Donald Trump—and now, I have met 'El León,'" referring to Milei as "The Lion."

• Javier Milei, the Argentine leader who has inspired Elon Musk, says he plans to cut how many taxes there are.
• He said he was planning to "eliminate 90% of taxes — not revenue, but the number of taxes."
• Musk and Vivek Ramaswamy, co-heads of DOGE, are looking to radically trim the US federal government.

Argentina's President Javier Milei says he will reform the Argentine tax system to have no more than 6 taxes.

In a clip from an interview with Forbes Argentina, published on Sunday, Milei said: "We'll advance privatization, deepen labor reforms, and eliminate 90% of taxes — not revenue, but the number of taxes — moving to a simplified system with no more than six taxes at most."

It would be the latest sweeping move by a firebrand president who has inspired members of the incoming Trump administration.

Since taking power on December 10, 2023, Milei has presided over sweeping cuts. He fired tens of thousands of public employees, shut down half the country's 18 ministries, and reduced state spending by an estimated 31% in his first 10 months alone — making good on his pledge to take a "chainsaw" to the state.

Milei's actions caught the attention of Elon Musk and Vivek Ramaswamy, the men now charged with a similar task under President-elect Donald Trump.

Last month, Musk said Argentina had made "impressive progress,'" while Ramaswamy said that the US needed "Milei-style cuts on steroids."

In the interview, Milei said his administration had only accomplished the "first step" of its plan, and that what was coming next was the "deep chainsaw."

"It is not only a question of deregulating and removing these obstacles, but it also implies a new reform of the state to make it even smaller," he said.

Milei added that his administration has so far only implemented a quarter of the reforms it wants to pursue.

Argentina's latest economic figures suggest the country may be turning a corner after struggling economically.

Argentina's inflation dropped from 25.5% in December 2023 to 2.4% in November 2024. However, unemployment rose to 6.9% in Q3, from 5.7% in the same period last year.

Economic activity, meanwhile, grew 3.9% in Q3, compared to Q2.

According to BBVA projections, Argentina will achieve a fiscal balance in 2024 for the first time in 15 years. It also said that it expects Argentina's GDP to rebound strongly next year, from a 3.8% deficit in 2024 to 5.5% in 2025, driven by investments and private consumption.

However, Facundo Nejamkis, director of Opina Argentina, a political consultancy firm, told Reuters this month that Milei's cuts had ignited a "major" recession, and according to Argentina's statistics agency, the country's poverty rate rose to 52.9% in the first half of 2024, the highest rate in 30 years.

Speaking at an event at Argentina's Chamber of Commerce and Services last month, Milei said the recession was "over," after the country had gone through "a difficult period of effort and pain."

And in an episode of the Lex Fridman podcast last month, Milei advised Musk and Ramaswamy to go "all the way" in cutting US federal spending.

Reacting to Milei's latest interview on X, where he talked about eliminating the taxes, Musk wrote one word: "Impressive."

• Javier Milei became Argentina's president a year ago, partly on a pledge to slash the state.
• Elon Musk and Vivek Ramaswamy, co-heads of DOGE, have expressed admiration for Milei's policies.
• While his government brought inflation down, his approaches have also triggered a recession.

When Javier Milei took office on December 10, 2023, the firebrand Argentine president inherited an economy in meltdown. Milei promised to take a "chainsaw" to the state.

Since then, he has presided over sweeping spending cuts, fired tens of thousands of public employees, shut down half the country's 18 ministries, and devalued the peso against the dollar by over 50%. He cut state spending by an estimated 31% in his first 10 months alone.

The measures caught the attention of Elon Musk and Vivek Ramaswamy, the men now charged with a similar task under President-elect Donald Trump.

Last month, Musk said Argentina had made "impressive progress,'" while Ramaswamy said that the US needed "Milei-style cuts on steroids."

Falling inflation

A year into Milei's term in office, BI took a look at the figures.

When Milei took over in December 2023, Argentina's inflation stood at 25.5%, while economic activity had fallen 4.5% year over year.

Argentina's inflation rate dropped to 2.7% this October — the lowest level in three years, according to the predicting market website Kalshi.

Ignacio Labaqui, a senior analyst at Medley Global Advisors, a leading macro policy research service, called this a "success" for Milei.

He said that Milei "managed to bring inflation down faster than expected despite starting his term with a 100% increase in the exchange rate and hiking longtime frozen utilities' tariffs — two measures that have an inflationary impact."

However, Facundo Nejamkis, director of Opina Argentina, a political consultancy firm, told Reuters that Milei's cuts have ignited a "major" recession.

Unemployment up

According to BBVA projections, Argentina's GDP contracted by 3.4% in the first half of 2024, and it is expected to decline by 4% for the full year.

The country's unemployment rate also rose to 7.6% in Q2, up from 6.2% in the same period last year, according to Argentina's statistics agency.

Maria Victoria Murillo, director of the Institute of Latin American Studies at Columbia University, told BI last month that the "deep" recession, while "very painful," has been accepted by Argentinians because inflation was "terrible" and people "do not want to go back."

Meanwhile, according to Argentina's statistics agency, the country's poverty rate rose to 52.9% in the first half of 2024, up from 41.7% in the second half of 2023.

This was the highest rate in 30 years, per a research team at the Observatory of the Argentine Social Debt, which keeps track of key economic indicators.

While acknowledging declining inflation, it said growing poverty was a result of Milei's "shock" economic plan and structural issues, including the devaluation of the peso.

Falling inflation "does not yet translate into a greater capacity for household consumption," it said.

Fiscal balance

There are, however, some signs of recovery.

In the first five months of 2024, Argentina's government achieved a primary fiscal surplus of 1.1% of GDP — its first in 12 years.

This is Milei's "most remarkable achievement," said Labaqui of Medley Global Advisors, who said the fiscal surplus, together with the exchange rate anchor, brought inflation down faster than expected.

BBVA Research, for its part, said that it expects Argentina's GDP to rebound strongly next year, from a 4% deficit in 2024 to 6% in 2025, driven by investments, exports, and private consumption.

Juan Cruz Díaz, managing director at Cefeidas Group, an international advisory firm, told BI that "one year later, it can be argued that the economic landscape has certainly improved, although there is still a long way to go."

He said that Argentina is still expected to end 2024 with an accumulated inflation of 120%, one of the highest in the world, but a sharp decline from 2023's 211%.

"In addition, Milei has promoted a regime to attract large foreign investments in certain sectors of the economy, with some initiatives already underway," he said.

Cruz Díaz added that one of the surprising aspects of the last year has been Milei's ability to "keep his public image relatively stable throughout the year, despite having implemented deep cuts in public spending, along with other measures generally considered unpopular and politically costly, such as the elimination of subsidies for energy and other essential services."

This is something that could be of particular interest to Musk and Ramaswamy, as they look at sweeping federal budget cuts in the US.

Labaqui, for his part, said keeping Argentina's current trajectory will depend on whether Milei's party performs "strongly" in next year's legislative elections.

"Inflation certainly is falling at a faster-than-anticipated pace," he said, "and there is an incipient economic rebound, but there is still a lot to do to bring the economy back on track."

• Elon Musk and Vivek Ramaswamy, co-heads of DOGE, are figuring out how to cut the federal government.
• Both men admire Javier Milei, the Argentine leader elected on a pledge to slash the state.
• Milei closed nine ministries, firing thousands of officials, and the economy is feeling the effects.

About a year ago, standing in front of a whiteboard with a gleam in his eye, Javier Milei started pulling apart Argentina's government.

"Ministry of Culture — Out! Ministry of Environment and Sustainable Development — Out!" he yelled with escalating joy, shredding an org chart of the state.

Soon after, he was elected his nation's president and started to make good on his program of massive spending cuts.

Watching admiringly were Vivek Ramaswamy and Elon Musk, the men now charged with a similar task in the US.

Both men have praised Milei repeatedly, seeing in him a model for their Department of Government Efficiency.

So, how has Milei's hack-and-slash agenda played out? And what could it mean for the federal government?

'Just cut to the chase'

Milei's program was swift and brutal.

Within days of taking office, Milei shut down half of the country's 18 ministries by presidential decree.

He fired some 25,000 public employees, and is working through 75,000 more.

Cuts of a similar scale in the US, with about seven times Argentina's population, would mean shedding 700,000 government workers.

Milei also hacked back the Argentine equivalent of Social Security by an estimated third, canceled infrastructure projects, and froze budgets at the surviving ministries.

This week, in an interview with the podcaster Lex Fridman, Milei said DOGE should act with speed too.

When prompted for advice, he said, "Just cut to the chase."

Milei described a physical timer in Argetina's deregulation ministry meant to focus minds by counting down days.

Harsh medicine

His measures helped tame a crisis: Argentina's inflation was 25.5% when Milei took office, and as of October, it was 2.7%.

The government ran its first surplus in 12 years, and trimmed tens of billions from its national debt.

It also spurred a recession and mass civil unrest as hundreds of thousands of people took to the streets and unions held regular strikes across the country.

Economists told Business Insider that major differences in the US and Argentine economies make the two tough to compare.

First — Milei took power in an economic meltdown where inflation of 25.5% was hammering the economy.

Milei solved that, said Maria Victoria Murillo, director of the Institute of Latin American Studies at Columbia University.

But "the consequence was a deep recession that facilitated controlling inflation but has been very painful and is accepted because inflation was terrible and people do not want to go back."

"I am not certain that would be the case in the US," she said.

Kimberley Sperrfechter, Capital Economics' Latin America Economist, noted that President-elect Donald Trump's policies mostly point to more state spending, not less. He explicitly ruled out changes to Social Security, the government's single biggest budget item.

The US balance of power is also different. Milei was able to make his changes mostly by executive decree. As BI reported, Trump would have to contend with Congress, where Republicans have only slender majorities.

The toast of Mar-a-Lago

DOGE's leaders don't seem blind to that — in August, Ramaswamy touted Milei as an inspiration but said Argentina was "much less complicated" an economy to overhaul.

It hasn't dimmed Milei's popularity in Trumpworld.

Milei was a guest of Trump's at Mar-a-Lago, the first world leader to meet him since his election victory, where he called his victory "the greatest political comeback in history."

On the Fridman podcast, Milei advised Musk and Ramaswamy to go "all the way" in cutting US federal spending.

Since Election Day, Ramaswamy and Musk have posted about Milei more than a dozen times: DOGE is readying its work with at least one eye on Buenos Aires.

• Elon Musk and Vivek Ramaswamy, co-heads of DOGE, are working out how to cut the federal government.
• Javier Milei, the Argentine leader who both men have praised, advised cutting to 'the very limit.'
• Milei closed nine ministries, firing thousands of officials, and cut spending by an estimated 31%.

Argentina's president says Elon Musk and Vivek Ramaswamy should all go "all the way" in cutting US federal spending.

Javier Milei made the comments in an episode of the Lex Fridman podcast released on Tuesday.

"My advice would be for them to go all the way, to push it to the very limit, and do not give up," he said. "Do not let down their guard."

Milei has presided over sweeping spending cuts in Argentina, firing tens of thousands of public employees, shutting down half the country's 18 ministries, and cutting state spending by an estimated 31% in his first 10 months in office.

The measures have helped bring inflation down from 25.5% when he took office in December 2023 to 2.7% in October.

But they have also ignited a recession and mass civil unrest, with hundreds of thousands of people taking to the streets and unions holding regular strikes across the country.

"Just cut to the chase. Cut to the chase," Milei told Fridman when asked what advice he had for Musk and Ramaswamy.

Both Musk and Ramaswamy have repeatedly praised Milei and taken inspiration from him for their Department of Government Efficiency.

On Wednesday, Musk said Argentina had made "impressive progress,'" while Ramaswamy said on Monday that the US needed "Milei-style cuts on steroids."

On Sunday, Ramaswamy told Fox News that he expected the wholesale closure of some federal agencies — a measure that mirrors that taken by Milei in Argentina.

Milei and Musk have long spoken admiringly of one another and were together at President-elect Donald Trump's Mar-a-Lago resort last week.

The two men met for the first time in April at Musk's Tesla plant in Austin, where they discussed free markets and their opposition to bureaucracy, according to a statement from Milei's office.

In an X post in September, Musk said his companies were "actively" looking for ways to invest in and support Argentina after the two men met on the sidelines of a United Nations summit in New York held at the time.

While Milei has achieved most of his sweeping cuts via executive decree, US spending cuts would likely involve working with Congress, where Republicans will hold just a slim majority.