BUENOS AIRES, Jan. 1 (Xinhua) -- Argentine President Javier Milei on Wednesday announced plans for more tax cuts and deregulation in 2025 to improve social indicators.

"In 2024 we showed that a fiscal adjustment of 15 percent of GDP can be made (with nearly 95 percent of the adjustment borne by the political and financial class), cutting monetary emission to lower inflation, without loss in activity and employment," Milei said in a New Year's message posted on social media.

In his message, Milei noted a 20-percentage-point drop in poverty, attributing it to reduced corruption, elimination of intermediaries, and more effective allocation of social resources, which he said "brought down poverty and provided support at the hardest moment of the adjustment."

"From now on, continuing to improve social indicators requires economic growth, and to do so we will continue to lower inflation, reduce country risk, reduce public spending to be able to get rid of taxes, continue structural reforms, and deregulate to gain freedom and, above all, respect life, liberty and property."

Milei, who took office in December 2023, immediately promoted cuts in public spending and the deregulation of the exchange of goods and services.

Data from the National Institute of Statistics and Census showed that Argentina registered inflation of 2.4 percent in November, the lowest monthly rate since July 2020, when inflation hit 166 percent year-on-year. ■