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Sputnik According to a recent study by the Argentine Catholic University (UCA), poverty in Argentina reached 57.4% in January this year, its highest level in two decades. The devaluation of the Argentine peso, pushed forward by Javier Milei's government shortly after it took office in December, contributed to a significant rise in prices and worsened the economic situation in the South American country.
Since the start of his term, Milei has implemented sweeping economic reforms, including devaluing the peso by 54% against the U.S. dollar. These measures, aimed at dollarizing the economy and curbing annual inflation of more than 200%, created an economic crisis that directly affected Argentines, leading to a collapse in income and an increase in poverty rates.
The study published by the UCA shows that the population living in poverty in Argentina already exceeds 27 million, with two significant increases recorded in the third quarter of 2023 and January 2024. In response to the criticism, the Argentine government has tried to push for change and we must implement economic policies that can reverse this worrying trend.