Javier Milei’s minister of deregulation and state transformation Federico Sturzenegger is having a great time at the IMF today. He quoted Yoda in a forum discussion:
“Master Yoda says: ‘the fear of loss is the path to the dark side’. (…) Meaning, in this turbulent times you have to stick to your vision, to your values and your policies. In our case: fiscal macroeconomic stability, deregulation, and economic freedom.”
Sturzenegger, formerly professor of economics at Harvard, also handed IMF chief Kristalina Georgieva chainsaw pin: “Our symbol is this pin which is a chainsaw – we wear proudly this chainsaw pin – which paid with our own money and not with government money I just want to clarify.” Does he have one to give to Reeves…
Milei relaxed the fixed exchange rate of the peso on 14 April and, contrary to constant statements from left-wing economists and think tanks that it would crash, it yesterday traded at above its previous fixed rate. Economy minister Luis Caputo mocked them: “We’d wait for a wave of apologies from colleagues and journalists apologising for telling people we were devaluing, but I’m sure it won’t come.” Oops…
The International Monetary Fund has just downgraded its forecasts for the UK’s growth in its World Economic Outlook series. The UK economy is now predicted to grow by 1.1% this year, a 0.5% drop since the IMF’s prediction in January of 1.6% in 2025. No amount of ‘growth’ gaslighting from Reeves can help her out with this one…
Meanwhile, global growth is projected to fall from 3.3% in 2024 to 2.8% in 2025 partly due to Trump’s tariffs. UK inflation is set to be 0.7% points higher this year, compared with the previous forecast at 3.1% thanks to Labour’s ‘Awful April’ bills. A brutal blow to the Chancellor…
The New Year provides more good news for Javier Milei. Argentina’s GDP is expected to grow by 5% in 2025, according to the IMF’s latest economic outlook, a whopping turnaround from 2024’s estimate of a dismal -2.8%. Last month, the libertarian’s 2025 budget plan, lauded by investors, alongside a rebound in consumer spending and capital investment, helped lift GDP out of the red. All in just over a year in office…
Meanwhile, the IMF forecasts UK growth at 1.6% in 2025, up from an earlier forecast of 1.5%, though still falling short of the OBR’s 2% prediction. “Iron Lady” Reeves should take a page from Milei’s playbook. The phrase “as rich as Argentina” looks to be making a comeback…
The International Monetary Fund has just upgraded its forecasts for the UK’s growth in its World Economic Outlook series. It estimated in July that growth in 2024 would reach 0.7% – that’s now upgraded to 1.1% as expectations for 2025 stick at the previously forecast 1.5%. That’s after the UK economy outperformed expectations in the first half of the year…
After providing consistently inaccurate forecasts of poor growth for the UK last year, that’s the biggest growth upgrade for any advanced economy this time round. The United States is predicted to continue powering ahead with 2.8% growth while sluggish Germany is downgraded to zero. More on the “worst economic inheritance since WW2″ as Guido gets it…
Former leader of the SNP in Westminster Ian Blackford told Times Radio why he believes Nicola Sturgeon’s claim that she spent no time in the kitchen and therefore didn’t see any of her husband’s purchases:
“She doesn’t have a passion for cooking.”