Argentina’s poverty rate has soared to 52.9 percent under the government’s austerity program, in a warning sign for President Javier Millay as his popularity begins to falter, the FT reports. The rate, published by the national statistics office on Thursday, is the worst in two decades and 11.2 percentage points higher than in the second half of 2023, when it stood at 41.7%, meaning 3 .4 million Argentines have been driven into poverty this year. Miley, who took office in December, has cut public spending in a bid to reduce annual inflation that soared to nearly 300 percent in April. Economists say the root cause of high inflation is money printed to finance spending by previous leftist governments, but the removal of price controls and the devaluation of the peso under Millay also contributed. Millay’s spokesman, Manuel Adorni, argued Thursday […]
Source: News Beast
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