Argentina’s Poverty Rate Soars Past 50%
Poverty in Argentina has reached a record high, with the poverty rate surging to nearly 53% in the first half of 2024, according to official data released by the national statistics agency. This marks the highest poverty rate since 2003 and a significant increase from 41.7% in the second half of 2023.
The sharp rise in poverty is attributed to the stringent austerity measures implemented by President Javier Milei, including drastic cuts in public expenditures, reduction of subsidies for energy and transportation, and the termination of tens of thousands of public sector jobs. These measures aim to combat soaring inflation, which remains one of the highest globally, exceeding 230% annually.
Despite the adverse effects on the populace, Milei’s budget cuts have garnered approval from financial markets and investors, including the International Monetary Fund (IMF), which Argentina owes $43 billion. However, the economic downturn has led to widespread protests and declining public support for the administration.
