Buenos Aires, Argentina – Argentina is grappling with a severe economic crisis, as inflation has surged to an astonishing 150% in November 2024, the highest rate the country has experienced in nearly three decades. The Argentine peso has devalued sharply against the U.S. dollar, leading to a skyrocketing cost of living. Essential goods like food, medicine, and fuel have become unaffordable for large segments of the population, plunging millions into poverty.

The crisis has sparked widespread protests and strikes, with thousands of workers and pensioners marching in Buenos Aires to demand urgent government action. In the past week, inflationary pressures have caused the price of basic foodstuffs like bread and meat to double, leading to widespread shortages in stores and long lines at supermarkets.

President Javier Milei, elected earlier this year on a platform of economic liberalization, has faced mounting criticism for his handling of the crisis. While Milei has introduced measures such as eliminating subsidies for utilities and reducing public sector wages, critics argue that these steps are worsening the plight of the poor and middle class. Despite his promises of reform, many feel that Milei’s pro-market policies have not provided the relief the country desperately needs.

In addition to inflation, Argentina is grappling with rising unemployment, which is currently at its highest level since the early 2000s. With over 50% of the population living in poverty, social unrest has intensified, leading to violent clashes between protesters and security forces.

International institutions like the International Monetary Fund (IMF) have warned that Argentina’s debt crisis is spiraling out of control. The government’s negotiations with the IMF to restructure its debt have so far yielded limited results. The IMF has insisted on austerity measures as a condition for further financial assistance, which many argue will further deepen the economic suffering.

Economists are divided on the potential solutions to Argentina’s economic woes. Some advocate for renegotiating the country’s debt, while others suggest a return to currency controls and trade protectionism to stabilize the economy. Regardless of the outcome, the situation is expected to get worse before it improves.

Sources: Argentine government statements, local news reports, IMF publications, economic analysts.