Poverty in Argentina soars to more than 50% as government austerity bites
Argentina’s poverty rate soared to almost 53% in the first half of the year, official data released on Thursday showed, the first hard evidence of the painful impact of libertarian President Javier Milei’s tough austerity measures.
Argentina records sharp rise in poverty
Poverty was already on the rise in Argentina before the Milei government took office. As recently as 2017, only about a quarter of the population were affected. When Milei assumed the presidency, he promised shock therapy, devaluing the peso by 50% and cutting the number of government ministries by half.
Poverty Soars Past 50% in Argentina as Milei Austerity Hits Hard
Poverty in Argentina reached its highest level since the aftermath of the 2001 financial crisis in the first half of the year, as President Javier Milei unleashed a shock therapy program to put an already reeling economy back on its feet.
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