President Javier Milei's approval rating in Argentina fell to 36.4 percent in March 2026, marking its lowest level since he took office, as rising unemployment and corruption allegations overshadow his economic reform agenda. The five-point drop from February 2026, 2 months ago, coupled with a disapproval rating climbing six percentage points to nearly 62 percent, reflects growing public frustration with the pace of economic recovery and governance challenges within his administration.
The findings are from the LatAm Pulse survey, conducted by AtlasIntel for Bloomberg News, which polled 5,037 people in Argentina between March 20-24, 2026, approximately 1 week ago, with a 95 percent confidence level and a margin of error of plus or minus one percentage point. Milei, leader of La Libertad Avanza, also trailed behind Buenos Aires Province Governor Axel Kicillof in public image for the first time in March 2026, with Kicillof holding a positive image of 38 percent compared to Milei's 37 percent.
Political Competition Intensifies
Kicillof, a potential presidential candidate for the opposition Peronist party next year, saw his party win a provincial vote in September 2025, 7 months ago, which led to a market sell-off and spurred a US$20-billion currency swap line for Argentina from the Trump administration. Milei's party subsequently won the national midterm race in October 2025, 6 months ago, including in Buenos Aires Province, demonstrating the volatility of Argentina's political landscape and the narrow margins separating competing visions for the country's economic future.
The decline in Milei's approval rating is attributed to corruption allegations within his government, rising unemployment, and public dissatisfaction with a trade deal solidified in February 2026 with the Donald Trump administration. Unemployment in Argentina climbed to 7.5 percent at the end of 2025, 3 months ago, the highest fourth-quarter rate since the Covid-19 pandemic. Nearly three-quarters of survey respondents described the labor market as "bad," and 65 percent viewed the economy negatively.
Economic Challenges Mount
Corruption was the top concern for Argentines, followed by unemployment and inflation. Monthly inflation, which Milei had aimed to keep below one percent this year, remained closer to three percent and has not cooled since June 2025, 10 months ago. While an improvement from the crisis Milei inherited, the economic recovery has lost momentum, raising questions about the sustainability of his reform program and the political viability of continued fiscal discipline.
The trade agreement with the U.S. saw its support drop to 41 percent in March 2026, down from nearly 60 percent in a January 2025 poll, 1 year and 3 months ago, when it was under negotiation. Argentines anticipate the pact will likely result in factory and small business closures, reflecting concerns that trade liberalization may expose domestic industries to competition before they can adapt.
Governance Scandals Emerge
A cryptocurrency scandal from February 2025, 1 year and 2 months ago, resurfaced, and Cabinet Chief Manuel Adorni faced scrutiny two weeks ago, around March 12, 2026, approximately 3 weeks ago, regarding his wife's travel on the presidential plane and his use of a private jet for a family vacation. These allegations have undermined Milei's anti-corruption credentials and distracted from his economic reform message at a critical moment when public patience with adjustment costs is wearing thin.
Other regional leaders, including Brazil's Luiz Inácio Lula da Silva, Mexico's Claudia Sheinbaum, and Chile's new President José Antonio Kast, also experienced dips in their approval ratings. Kast is facing backlash over his decision to hike fuel prices. President Javier Milei delivered his annual speech to parliament on March 1, 2026, 1 month and 1 day ago.
Why This Matters:
Milei's declining approval rating carries significant implications for Argentina's economic reform trajectory and regional political dynamics. The libertarian president's market-oriented agenda—including fiscal discipline, deregulation, and trade liberalization—faces a critical test as unemployment reaches its highest fourth-quarter level since the pandemic and inflation remains stubbornly near three percent despite his one-percent target. The corruption allegations against Cabinet Chief Adorni and the resurfaced cryptocurrency scandal threaten to undermine the credibility of an administration elected on an anti-establishment platform. Most concerning for reform advocates is the erosion of public support for the U.S. trade deal, dropping from 60 percent to 41 percent, suggesting that protectionist sentiment may constrain future liberalization efforts. The fact that Milei now trails Peronist Governor Kicillof in public image for the first time signals a potential political realignment ahead of next year's presidential election, with implications for Argentina's commitment to market reforms and fiscal responsibility. If Milei cannot demonstrate tangible economic improvements—particularly in employment and inflation—before the campaign intensifies, Argentina risks reverting to the interventionist policies that produced the crisis he inherited, jeopardizing the country's long-term economic stability and investment climate.