Milei urges patience at IDEA colloquium as Argentine poverty hits 32.3%

Address to business leaders at IDEA colloquium

Speaking by video link from Paris on Wednesday, Argentine President Javier Milei addressed more than 1,000 owners and executives of large companies gathered at the Sheraton hotel in Mar del Plata. The presentation formed part of the 62nd annual colloquium organized by the Institute for Business Development of Argentina (IDEA), which takes place 400 kilometers from Buenos Aires through Friday. In a conversation moderated by journalist José del Río before a packed hall, Milei urged corporate leaders to show patience regarding his program of economic deregulation and state downsizing. He framed the upcoming 2027 presidential election in sharp terms, stating that voters will choose between experiencing the best four years in national history and facing severe consequences under an opposition that he characterized as eager to dismantle his reforms. Milei reiterated that national economic restructuring requires prolonged endurance.

The first thing to have is patience, growth processes are not instantaneous.

Rising poverty and contraction in official economic data

The appeal for patience coincided with figures released by the National Institute of Statistics and Censuses (Indec) documenting deteriorating conditions across the Argentine economy. Indec reported that monthly economic activity fell by 2.9%, raising the prospect of a broader recession as more than half of the presidential term has elapsed. Poverty reached 32.3% of the population during the first half of 2026, marking an increase of four percentage points compared to the level registered at the close of 2025. At the same time, national unemployment rose to 7.9% and informal labor expanded to encompass 45% of the country's workforce. Financial markets also showed lingering concern through elevated spreads on Argentine sovereign bonds measured by JP Morgan's country risk index.

Paris investment mission and bilateral agenda

Milei's remarks to domestic business leaders occurred during a three-day official visit to Paris focused on courting foreign capital. The Argentine president traveled to France to lead the Argentina Week event, designed to attract foreign investors to domestic industries despite ongoing inflation and weakening domestic approval ratings. His international schedule includes a bilateral meeting with French President Emmanuel Macron scheduled for Thursday. The administration seeks foreign investment commitments to counter domestic economic headwinds, persistent inflation pressures, and a fragile labor market. The visit represents another international outreach effort as the president approaches the final phase of his current governing term ahead of the 2027 ballot.

Media rights protests and press freedom ranking drop

In central Paris, press freedom advocacy group Reporters Without Borders staged a protest on Wednesday targeting Milei's record on media relations. The organization deployed a mobile truck that projected French translations of the president's social media messages from the platform X across city streets, including posts describing journalists as human trash and asserting that society does not hate reporters enough. RSF Director General Thibaut Bruttin described Milei as a compulsive poster and a direct threat to journalistic independence.

Milei is clearly a danger to press freedom.

An RSF report released on Wednesday revealed that Milei published 1,674 hostile messages aimed at journalists during a 47-day window across April and May 2026, representing an average of more than 35 posts per day. The organization pointed out that Argentina dropped 58 places in its annual press freedom index, falling to 98th out of 180 evaluated countries due to government insults, defamation, threats, media concentration policies, and worsening job insecurity for working reporters. The diplomatic itinerary in France concludes as the IDEA business gathering in Mar del Plata runs through Friday.