Staff Reporter
Argentina’s poverty rate has seen a significant decline, falling from 52.9% to 38.1% in the second half of 2024, according to new data from the National Institute of Statistics and Census (INDEC).
Local media have reported that INDEC, which operates under the Argentine Economic Ministry, noted a nationwide reduction in both poverty and extreme poverty rates in the last six months of 2024. During this period, poverty decreased by 14.8 percentage points, with 8.2% of the population now living below the extreme poverty line.
“In comparison to the first half of 2024, poverty rates decreased for both households and individuals by 13.9 and 14.8 percentage points, respectively,” INDEC stated. “For extreme poverty, there was a reduction of 7.2% for households and 9.9% for individuals.”
The Argentine presidency praised this decline in poverty in a statement on Monday, crediting it to the extensive economic reforms implemented by President Javier Milei. They emphasized that this progress is a “direct result” of Milei’s efforts to combat inflation and achieve “macroeconomic stability” while removing long-standing restrictions that hindered Argentina’s economic potential.
The statement also took aim at the previous socialist administration led by former President Alberto Fernández, former Vice President Cristina Fernández de Kirchner, and former Economic Minister Sergio Massa, accusing them of leaving the country in “unprecedented poverty.”
“These figures highlight the failures of past policies, which have left millions of Argentines in precarious situations while claiming to help the poor, yet poverty continued to rise,” the statement asserted. “The current administration demonstrates that the path to economic freedom and fiscal responsibility is key to reducing poverty in the long run.”
President Javier Milei and his economic team, led by Minister Luis Caputo, have committed to persist on a path that aims to restore the dignity to the Argentine people that has been denied for decades, emphasizing the fight against poverty as a top priority. “This is the first government in many years to initiate a genuine process of poverty reduction,” the news release stated.
Milei highlighted the importance of the latest poverty data and ongoing negotiations with the International Monetary Fund (IMF), suggesting that these developments validate the government’s approach. “The poverty data and the negotiations turn the analysis and interpretations of commentators into a true celebration of the revelation principle… CIAO!” he posted.
In a separate update on social media, Milei referred to INDEC’s recent poverty measurements, describing them as a “bad day for the baboons”—a term he frequently uses for local politicians and journalists who criticize his policies.
“Poverty has fallen sharply. The decrease in inflation, growth in economic activity, and initiatives from the Ministry of Human Capital have lifted over 8 million people out of poverty. When looking at peak figures, the reduction in the number of impoverished individuals exceeds 10 million,” the president noted.
President Javier Milei expressed his views on the economic situation, stating, “This is enjoyed by the good Argentines and suffered by the baboon econochantas—fraudulent economists, the serial devaluators, the miserable politicians, and the ignorant journalists who see themselves as the center of right thinking but are really just stale leftists.”
Economic Minister Luis Caputo also celebrated the recent report. In a post on social media, he highlighted that the current government inherited “the worst economic situation in history” but has successfully lifted ten million Argentines out of poverty, reduced inflation to levels “nobody predicted,” grown the economy by six percent, and eliminated the fiscal deficit within a month, among other achievements.
Since taking office in December 2023 as Argentina’s first libertarian President, Milei has enacted a series of “shock therapy” measures aimed at preventing a collapse of the economy, which was pushed to the brink by the previous administration under Alberto Fernández.
Milei’s policies have notably reduced Argentina’s soaring inflation. In January, the country reported its lowest inflation rates in five years, dropping from 25.5% at the start of his administration to just 2.2% that month. February’s inflation rate was recorded at 2.4%. The National Institute of Statistics and Census (INDEC) is expected to release the March inflation report in mid-April.
