Argentine: The Escalation of Poverty

April 16, 2024 Hour: 10:04 pm

The Econometrics Department of Torcuato Di Tella University confirmed on Tuesday that poverty during the first three months of this year grew in Argentina, reaching 3.2 million citizens.

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After the election of President Javier Milei, poverty reached 51.8 percent on average during the first quarter of the year, where people living in households that do not have enough income to cover the cost of the Total Basic Basket represent 48.3 percent on average in the semester that goes from October 2023 to March 2024.

According to the methodological rationale that poverty is calculated on a biannual basis, the report states that “The projected incidence is a weighted average of an estimated poverty rate of 44.9 percent for the fourth quarter of 2023 and 51.8 percent for the first quarter of 2024”.

This situation shows that between the months of January and March this just this year, 3,247,667 people joined a situation of poverty in the country, while it is expected that the value will already be several points above the given average.

The Argentine Tiempo platform stressed that, in one year, “the semester average went from 39.8 percent to the 48.3 percent that the study recorded for the last semester. This is 8.5 percentage points equivalent to 4 million new poor people who, if the latest quarterly projection were taken, would reach 5.65 million. At present, 24,381,038 people live in poor households”.

Meanwhile, studies confirm a record low unemployment rate of 5.7% in December, which shows that employment is no longer an effective tool for avoiding poverty.

Thus three out of ten salaried workers live in poverty and almost 20 percent of registered workers are in a similar situation according to the Social Debt Observatory Argentina.

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April 12, 2024