About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 [1] (August 15, 2019)

handle is hein.crs/govbaub0001 and id is 1 raw text is: ,' Congressional Research Service Informinq fhe leg iatve debate sinice 1914 Updated August 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 Fernindez de Kirchner, who was ineligible to run for a third consecutive term. Mach's election ended 12 years of FPV rule by the Kirchners (N~stor Kirchner, 2003-2007, and Cristina Fernfndez, 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, higher financing costs, and large budget deficits, thwarted those expectations. The economy ultimately contracted 2.5% in 2018, and the IMF's projection for 2019 is a contraction of 1.2%. As pressure on the peso increased in 2018, the government turned to the IMF for support, which approved 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. Argentina at a Glance Population: 44.6 million (20 18, 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% (2Q17, IMF est.); -2.5% (2Q18, IMF est.). Per Capita GDP: $11,627 (20 18, current prices, IMF est.). Key Trading Partners (total trade): Brazil (21.1), ChinaI (I12.8%), United States (9.3%) (2Q18, INDEC). Legislature: Bicameral Congress, with 72-imember Senaite zind 257-mmber Chamber of Deputies. Sources: International Monetary Fund (IMF) a hnd ational Institute of Statistics and Census, (INDEC, Argentina). October 2019 Presidential Race. Argentina's economic difficulties have taken a toll on President Mach's popularity and are a major factor in his bid for reelection; after Mach's poor performance in an August 11 combined primary (discussed below), some observers view his reelection as unlikely. 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 finishes 10 percentage points ahead of the second-place candidate), then a second round will be held in November. The race is essentially 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 Fernindez (former cabinet chief to N~stor Kirchner) and former President Cristina Fernindez de Kirchner for vice president (dubbed Frente de Todos or Front for All). On August 11, 2019, Argentina held a single combined primary with 10 presidential candidates (essentially a dress }ttps:i/crsreports.co ng ess go

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most