Argentina Poverty Rises to 39%, Hurting Economy Before Election
- Poverty rate rose to 39.2% of population in 2H 2022 from 36.5%
- High poverty, inflation pressure govt to spend before vote
Homes in the Villa Fatima neighborhood of Buenos Aires, Argentina, on Friday, March 3, 2023.
Photographer: Sarah Pabst/BloombergThis article is for subscribers only.
Poverty in Argentina spiked as inflation surged toward 100%, wiping out a year of gains and adding pressure on the cash-strapped government to spend more on social welfare before October’s presidential election.
About 39.2% of Argentines were living in poverty in the second half of last year, up from the previous level of 36.5%, according to government data published Thursday. It’s below the peak seen during the pandemic but a clear sign that inflation is taking a heavy toll on Argentina’s society and economy, which is seen entering a recession this year.