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.
That marked a steep jump from 41.7% at the end of last year and more than double the 26% just seven years ago, underscoring the severe cost to regular Argentines of repeated economic crises that have hammered the South American nation.
The data underscores how Milei’s spending cuts, aimed at overturning a deep fiscal deficit, have caused major short-term pain. The country is in a deep recession and inflation
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