Corporate Exodus: The Balance of Companies That Left Argentina Under the Governments of Alberto Fernández and Javier Milei

The departure of companies from Argentina is not a new phenomenon, but its magnitude and causes vary depending on the political and economic context of each administration. In recent years, the country has experienced two opposing models of governance: the state-controlled and interventionist approach of Alberto Fernández (2019–2023) and the radical austerity and deregulation policy promoted by Javier Milei (since December 2023). Yet, both models share the same outcome — the loss of business confidence, leading local and international firms to shut down, sell, or drastically reduce their operations in Argentina.

A Symptom of a Structural Illness

Argentina has long suffered from a chronic condition: unpredictability. Constant rule changes, chronic inflation, trade restrictions, and unstable tax systems make the country a high-risk destination for business.

During Alberto Fernández’s administration, the pandemic worsened an already delicate situation. The government imposed price controls, currency restrictions, import barriers, and rigid labor regulations. The result was a wave of closures and withdrawals, especially among multinational companies that could not adapt to the local environment.

When Javier Milei took office, the initial expectations were positive. His administration promised to eliminate restrictions, open the economy, and reduce the fiscal deficit. However, the sharp recession caused by austerity, the collapse in domestic consumption, and political instability led several companies to also exit or downsize their presence.

Comparative Chart: Companies That Left Argentina

Presidential Term	Approximate Number of Companies That Left or Sold Assets	Notable Examples	Main Reasons for Exit
Alberto Fernández (2019–2023)	Over 60 documented cases	Falabella, LATAM, Walmart, BASF, Norauto, Axalta, Petrobras, Dow Chemical, Nike, Glovo, Air New Zealand, Danone (partial exit), among others	– Pandemic and global shutdowns. – Currency and price controls. – Inability to repatriate dividends. – Inflation and macroeconomic uncertainty. – Regulatory distrust and bureaucratic barriers.
Javier Milei (2023–2025)	Between 13 and 16 companies (as of November 2025)	HSBC, Clorox, Xerox, Prudential, Procter & Gamble (one division), AIG, Sanofi, Air Liquide, among others	– Sharp fall in domestic demand. – Recession caused by austerity measures. – Sudden deregulation without currency stability. – Political and financial uncertainty. – Global restructuring of corporate portfolios.

Two Models, One Outcome

Comparing both periods reveals different contexts but a similar consequence: a lack of business confidence.

During Alberto Fernández’s presidency, departures were driven by state intervention and excessive market controls. Companies struggled with import restrictions, price freezes, capital controls, and an inflation rate that exceeded 100% by the end of his term.

Under Javier Milei, the root cause shifted. His radical liberalization plan brought a sharp contraction in purchasing power, a deep recession, and growing social and political tension. Multinational firms that initially anticipated rapid stabilization instead encountered a volatile economy with no predictable exchange rate or consumer recovery.

The sale of HSBC’s Argentine business and Clorox’s exit were clear signals that, despite economic openness, uncertainty remains the rule.

A Historical Constant: Unpredictability

Both cycles confirm a harsh truth — Argentina lacks long-term economic stability. Across four years of Kirchnerism and nearly two of Mileism, private investment has failed to take root. Companies plan by the month, not by the year. Credit is scarce, taxes are heavy, and labor laws shift with every crisis.

Corporate exits don’t just mean job losses; they send a symbolic message to the world: Argentina continues to be seen as a country where rules change faster than opportunities appear.

Beyond Governments

Companies are not fleeing a single president — they are fleeing a system that fails to provide legal and economic certainty. The comparison between Alberto Fernández and Javier Milei shows that opposite ideologies alone are not enough to fix the deeper structural flaws.

Until Argentina builds a long-term framework that guarantees predictability, legal security, and genuine macroeconomic stability, the headlines announcing “another company leaves the country” will keep repeating themselves.

Ultimately, this corporate exodus serves as the thermometer of a nation that still struggles to inspire confidence. And in economics, confidence is the only currency that cannot be printed or borrowed — it must be earned through consistency and credibility.