The World Bank reported that Argentina risks quadrupling its poverty level as its economy stalls.
As of 2012, 33% of Argentina’s population lived on 4-10 dollars per day. This group is most vulnerable to economic shocks and may lose even its modest income. The poverty rate may increase to 40% from 11%, The World Bank said.
In July, Argentina defaulted on its international bonds after failing to pay its creditors.
Analysts say the situation is not likely to improve in the nearest future and recession is seen to deteriorate. All this means growth of unemployment and rising poverty rate in Argentina.
