From Buenos Aires Times · Ignacio Olivera Doll, Bloomberg · · 2m
Milei's economic shift sparks Buenos Aires exodus
Argentines flee Buenos Aires as Milei's oil boom transforms Neuquén.
In brief
Argentines flee Buenos Aires as Milei's oil boom transforms Neuquén. Milei's economic reforms have driven thousands of Argentines from Buenos Aires to Neuquén, where oil wealth has created jobs but left many struggling with high costs and infrastructure gaps. Originally reported by Buenos Aires Times.
Diego Esquivel's move
Diego Esquivel left Buenos Aires for Neuquén after his salary tripled working in oil-related housing.
“My situation completely changed in just six months”
Milei's economic model
Milei's free-market policies cut inflation from 300% to 30% and boosted economic growth for two years.
Neuquén's boom
Neuquén's oil wealth has created 27 projects worth US$76 billion, attracting cash-in-transit firms and investors.
Buenos Aires struggles
Buenos Aires faces job losses and soaring utility bills as economic growth evades middle-class households.
Investor vs. worker divide
Investors like Peter Thiel and JPMorgan see opportunities, while workers struggle with inflation and job insecurity.
Oil boom's real impact
Neuquén's oil wealth has created jobs but strained infrastructure, with 21,000 new residents forcing 160 new classrooms.
FATE plant closure
A tire plant closed after 80 years, leaving cleaning supplies store owner Alicia Arce with 30% lower sales.
“We’ve talked about shutting down”
Job market shifts
Over 265,000 private sector jobs lost since Milei took office, with informal economy gaining workers.
Local economic challenges
Neuquén's high cost of living and infrastructure gaps leave many questioning the oil boom's benefits.
Milei's election stakes
Milei needs to convert Neuquén's success to votes in Buenos Aires, where Peronist rivals are equally unpopular.
Local business struggles
Small businesses in Neuquén face financial literacy gaps and inflated expectations of quick wealth.
“There is this idea that the capital market is a casino and that, just as it can make you 10 percent one day, it can make you lose 20 percent the next.”
Milei's economic challenges
Milei's economic reforms have created a technical recession with 1.5% growth and job losses in key provinces.
Local economic optimism
Neuquén's oil boom has created jobs but left many struggling with high costs and infrastructure gaps.
“Many people come here thinking this is a golden dream, but today I would advise caution”
Milei's election uncertainty
Esquivel, who voted for Milei three years ago, now says he's undecided about next year's presidential election.
“The government’s decisions can affect us for better or worse, but I try not to fantasize about any party or politician”
Here's the gist
Milei's economic reforms have driven thousands of Argentines from Buenos Aires to Neuquén, where oil wealth has created jobs but left many struggling with high costs and infrastructure gaps.
