Poverty in Argentina rose to 57%, more than 26 million people According to a study published by the Social Debt Observatory of the Argentine Catholic University (UCA), the share of this country's population is the highest in 20 years. Argentine President Javier Milei blamed the US for this economic crisis “political caste”.
“The true legacy of the caste model: 6 out of 10 Argentines are poor. “The destruction of the last 100 years has no parallel in the history of the West,” the president started last Saturday on the social network X (Twitter) after learning of the poverty figures measured by the observatory.
Data provided by the Social Debt Observatory shows that the 57.4% of the population, This corresponds to more than 26 million people living below the poverty line. He also pointed out that in January the need rate was estimated at 15% of the population, almost 7 million people.
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Poverty in Argentina rose to 57%, the highest level in 20 years
The director of the observatory, Agustin Salvia, In an interview with the newspaper La Nación, he specified that although the report is based on a statistical simulation with data from the third quarter of 2023, the results are not far from the current reality in the southern country. “Structural poverty in Argentina is not new and is expected to worsen and February to be more complicated,” he told the media outlet.
The increase in rates of Poverty And Neediness They are collected in the first month of Milei's administration and compared with data from the last month of the previous year, during a period of significant budget adjustments. This number is the highest reported by this source in the last 22 years.
Salvia warned that the situation could improve with one reducing inflation, otherwise he would turn himself in a social catastrophe. “The situation is complicated and serious, it is not a new phenomenon but an increasingly growing problem,” he stressed.
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After an increase of 20.6% in January inflation and a cumulative price adjustment of the 254.2% In the last twelve months, expectations are set for an economic recovery predicted by Milei for the next three months, so one tries to anticipate an economic recovery that would follow a “V” shaped course, with the most critical point around March – April.
Official data to date shows that the 45% of the Argentine population is not meeting their basic needs, which poses a major challenge for Milei's management given annual inflation of 211% dating back to the previous administration in which the former president served Alberto Fernandez.
The Argentine President Javier Milei predicts an economic recovery in three months. “You will do a kind of 'V', a first falling section, with the most difficult moment around March-April, when you hit the bottom and then start jumping, and when you open the traps (restrictions on…). “Access to dollars maintained since 2019 will drive the economy,” he estimated.