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1 [1] (July 15, 2019)

handle is hein.crs/govbaln0001 and id is 1 raw text is: Updated July 15, 2019 Argentina: An Overview Political and Economic Environment Current President Mauricio Macri-leader of the center- right Republican Proposal and the Cambiemos (Let's Change) coalition representing center-right and center-left parties-won the 2015 presidential election in a close race. Macri defeated the candidate of the leftist faction (Front for Victory, or FPV) of the Peronist party (officially known as the Justicialist Party) led by outgoing President Cristina FernAndez de Kirchner, who was ineligible to run for a third consecutive term. Mach's election ended 12 years of FPV rule by the Kirchners (N6stor Kirchner, 2003-2007, and Cristina Fernlndez, 2007-2015). The Kirchners' rule helped Argentina emerge from a severe economic crisis in 2001- 2002 but was characterized by protectionist and unorthodox economic policies and increasing corruption. Source: CRS. President Macri moved swiftly to usher in economic policy changes. His government lifted currency controls; reduced or eliminated agricultural export taxes; and reduced electricity, water, and heating gas subsidies. The government reached a deal with private creditors in 2016 that ended the country's 15-year default, which allowed the government to repair its rogue debtor status and resume borrowing in international capital markets. Although adjustment measures contributed to almost 2.1% economic contraction in 2016, the economy grew by 2.7% in 2017, according to the International Monetary Fund (IMF). In early 2018, the IMF was forecasting almost 2% growth for the year, but Argentina's economic difficulties, including a severe drought affecting agricultural exports, thwarted those expectations. The economy ultimately contracted 2.5% in 2018. Looking ahead, the IMF's projection for 2019 is a contraction of 1.2%, and for 2020 a growth rate of 2.2%. Inflation was almost 25% at the end of 2017, and rose to almost 48% at the end of 2018; it is forecast to decline to almost 31% at the end of 2019. Argentina at a Glance Population: 44.6 million (2018, IMF est.). Area: 1.1 million square miles, about the size of the United States east of the Mississippi. GDP: $518 billion (2018, current prices, IMF est.). Real GDP Growth: 2.7% (2017, IMF est.); -2.5% (2018, IMF est.). Per Capita GDP: $11,627 (2018, current prices, IMF est.). Key Trading Partners (total trade): Brazil (21.1o), China (12.800), United States (9.3%) (2018, INDEC). Legislature: Bicameral Congress, with 72-member Senate and 257-member Chamber of Deputies. Sources: International Monetary Fund (IMF) and National Institute of Statistics and Census, (INDEC, Argentina). As pressure on the peso increased in 2018, the government turned to the IMF for support, which approved (and subsequently revised) an agreement to provide $57 billion in support through 2021. To date the IMF has conducted four performance reviews of Argentina's progress under the program, with a total of $44.1 billion made available. In July 2019, the IMF lauded Argentina for steadfast implementation of its economic policy program, noting that its policies are yielding results, with inflation expected to fall in coming months. October 2019 Presidential Race. Argentina's economic difficulties have taken a toll on President Mach's popularity and will be a factor in his bid for re-election. A first presidential electoral round is scheduled for October 27, 2019, along with elections for one-half of the Chamber of Deputies (the lower house of Argentina's Congress) and one third of the Senate. In the presidential race, if no candidate receives 45% of the vote, or 40% and finishing 10 percentage points ahead of the second place candidate, then a second round would be held in November. Although nine political coalitions are currently vying for the presidency, at this juncture the race is a competition between the center-right coalition of Macri and his Peronist vice presidential running mate, Miguel Angel Pichetto, (dubbed Juntos por el Cambio or Together for Change), versus the populist leftist Peronist ticket of Alberto FernAndez (former cabinet chief to N6stor Kirchner) and former President Cristina FernAndez de Kirchner for vice president (dubbed Frente de Todos or Front for All). Former President FernAndez had been expected to run for .congresgov

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