The fiscal austerity policies implemented by President Millay of Argentina are exacerbating the country's economic crisis.

According to the latest data from Argentina's National Bureau of Statistics, the country's poverty rate has surged to 52.9%, the highest in 20 years, up 11.2 percentage points from 41.7% in the second half of last year, which means 3.4 million Argentines have fallen into poverty this year.

Since taking office in December last year, Argentine President Javier Milei (Javier Milei) has implemented a series of fiscal austerity policies in an attempt to curb the inflation rate, which once reached 300%.

Economists say that in addition to the high inflation factor caused by the former left-wing government issuing large amounts of money to stimulate consumption, the cancellation of price control policies implemented by current President Millet and the depreciation of the peso are also among the reasons.

Some experts pointed out that since Millay took office, at least 136,000 jobs have been abolished, which is likely to be even greater for the country's large informal sector.

This is also a warning sign for Millet, who promotes extreme liberalism. Recent polls show that Millay's approval rating declined for the first time since winning the November election last year.

The government confidence index compiled by Torcuato Di Tella University fell 14.7% in September, the biggest fluctuation this year;

According to data from the polling agency Poliarquía, between August and September, the percentage of Argentines who have a positive opinion of Millet dropped by 7 percentage points to 40%.

According to official data released last Wednesday, Argentina's GDP growth rate in July fell 1.7% month-on-month and year-on-year, far below analysts' expectations, which meant a further contraction in economic activity.

Cristian Buttié, director of the public opinion survey agency CB Consultora, commented:

“At the moment it seems that we have entered a climate of recession, and it feels like things are worse than before. (If it wants to succeed) the government must re-find evidence that things are moving in the right direction.”