Poverty rate in Argentina rise to 53 percent

By Alimat Aliyeva

Drastic cuts in social programs and the economic downturn have led to an increase in poverty in Argentina, Azernews reports.

In the first half of this year 52.9 percent of the country's population lived below the poverty line. In the second half of last year, this figure was 41.7 percent. At the same time, the number of people living in extreme poverty increased from 11.9 percent to 18.1 percent.

After Argentine President Javier Miley took office at the end of last year, he cut a number of social programs and subsidies, as well as many jobs in the public sector. Nevertheless, Argentina has managed to significantly improve its economic forecast for 2024. The country's economy shrank by only 1.3 percent, rather than the reported 3.9 percent.

It should be noted that the once rich Argentina is facing a serious economic crisis. The Organization for Economic Cooperation and Development predicts that production in the country will decrease by four percent this year.