Argentina’s poverty rate reached 57.4% in January, the highest rate in 20 years.
Publika.az “Reuters” wrote about this with reference to information from Pontificia Universidad Católica Argentina (UCA), one of the country’s leading economic universities.
According to the UCA report, the devaluation of the peso by newly elected President Javier Miley and the subsequent price increase contributed to the worsening of the poverty situation. At the end of 2023, the poverty rate was 49.5%, and in January it rose to a record level of 57.4%.
The report also notes that at least 27 million people across the country live in poverty, and another 9 million (out of a total population of 47.3 million) are in extreme poverty. Miley’s reforms have led to an increase in the prices of basic food products. Last year, inflation in the country was 211.4%.
Argentine President Javier Miley, who took office last December, signed more than 300 decrees to liberalize the country’s economy. He warned that it is necessary to endure “months of pain” to overcome the economic crisis.
Miley’s reforms included a 50% devaluation of the peso, cutting government subsidies for energy and transportation, and changes to labor laws. For example, the probationary period for employment was increased to eight months, a 12-hour working day was allowed, and vacation and dismissal compensations were reduced.
Unions were outraged by the latest measure, which sparked protests on the streets of Buenos Aires. Some members of Congress called the president’s shock measures unconstitutional, and the opposition promised to oppose their implementation.
Jamila
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