Argentina's Unemployment Rate Surges to 7.7%

Highest Level in Over Two Years

Buenos Aires, March 15, 2024

Argentina's unemployment rate has soared to 7.7% in the first quarter of 2024, according to data released by the International Labour Organization (ILO). This represents a significant increase from the previous quarter's rate of 6.8% and marks the highest level of unemployment in the country since 2022. The increase is largely attributed to the ongoing economic crisis in Argentina, which has led to business closures and job losses in various sectors.

The unemployment rate is a key indicator of the health of a country's economy. A high unemployment rate can have a negative impact on economic growth, as it reduces consumer spending and investment. It can also lead to social problems, such as poverty and crime.

The Argentine government has been struggling to address the country's economic crisis. It has implemented a number of austerity measures, including cuts to public spending and tax increases. However, these measures have not been effective in reducing the unemployment rate.

The IMF has warned that Argentina's unemployment rate could continue to rise in the coming months if the country does not take steps to address the underlying causes of the economic crisis.