According to data released on Thursday by the national statistics institute INDEC, Argentina's poverty rate increased from nearly 42 percent to nearly 53 percent in the first six months of President Javier Milei's economic shock therapy.

New data reveals that more than half of Argentina’s 46 million population now lives in poverty.Since taking office in December, this has been a major setback for President Javier Milei as he attempts to revive the troubled economy.

Libertarian President Javier Milei of Argentina has presented the 2025 budget to Congress, outlining policy priorities that reflected his key pledge to kill the country’s chronic fiscal deficit and signaled a new phase of confrontation with lawmakers.

Javier Gerardo Milei, President of the Argentine Republic, addresses the General Debate of the 79th Session of the General Assembly of the UN. (Credit: UNTV)

Poverty in Argentina reached its highest level since the aftermath of the 2001 financial crisis in the first half of the year, as President Javier Milei unleashed a shock therapy program to put an already reeling economy back on its feet.

Official report says Argentina's poverty rate has spiked to 53% in first six months of austerity under President Milei