New data reveals that more than half of Argentina’s 46 million population now lives in poverty.
Since taking office in December, this has been a major setback for President Javier Milei as he attempts to revive the troubled economy.
According to Argentina’s Indec statistics agency, the poverty rate for the first half of this year climbed to 52.9%, up from 41.7% in the latter half of 2023.
Milei has cut subsidies for transport, fuel, and energy, while also reducing government staff as part of efforts to bring down inflation and control government spending.
Despite these measures, inflation remains extremely high, with an annual rate surpassing 230% in August, making it one of the highest in the world.
Even before Milei took office, poverty was on the rise. Back in 2017, only about a quarter of the population was living in poverty.
Upon taking office, Milei promised bold reforms, such as devaluing the peso by 50% and halving the number of government ministries.
However, the president faces resistance from trade unions, who have staged protests against his policies, claiming they harm workers.
