Argentina's poverty rate spikes in first 6 months of President Milei's shock therapy
The Argentinian government statistics agency says the official poverty rate in Argentina jumped to about 53% during the first six months of Javier Milei’s presidency
BUENOS AIRES, Argentina (AP) — Argentina's poverty rate jumped from almost 42% to 53% during the first six months of Javier Milei' s presidency, the statistics agency reported Thursday, a steep rise reflecting the pain of the country's most intense austerity program in recent memory.
The government's finding that Argentina's half-year poverty rate in 2024 had surged to its highest level since 2003, when the country was reeling from a catastrophic foreign debt default and currency devaluation, marks a setback for the far-right economist. So far, foreign investors and the International Monetary Fund — to which Argentina owes $43 billion — have cheered his controversial fiscal shock therapy that has succeeded in pulling down the country's monthly inflation from 25.5% last December to 4.2% in recent months.
Argentina’s inflation, now running at more than 230% annually, is among the worst in the world.
Bracing for negative news hours before the poverty report's release, Milei's spokesperson sought to deflect the blow in a lengthy press conference.
