Argentinian President Javier Milei’s popularity plunged to a new low, as rising unemployment and a burgeoning corruption scandal threatened his ambitious economic program and prospects for reelection next year.

Since taking office in 2023, Milei has overseen a remarkable transformation of South America’s second-largest economy: Annual inflation has plummeted, while his cost-cutting program — under which public spending was slashed by 30% — led to Argentina’s first budget surplus in years.

But while exports are booming, wage growth in the two-track economy has flatlined. Allegations of corruption over a cryptocurrency scandal have also dented Milei’s popularity. “Argentines have been uncharacteristically patient, but that patience is running low,” one expert told The Wall Street Journal.