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1 [1] (January 15, 2020)

handle is hein.crs/govbewz0001 and id is 1 raw text is: 01;0i E.$~ & p\w -- , gnom goo mppm qq\ , q I as 11LIANJILiN, Updated January 15, 2020 Argentina: An Overview N.k4dand Ec~o~n',' n lz: z.rcmnk; . Current President Alberto Ferndndez of the center-left Peronist Frente de Todos (FdT, Front for All) ticket won the October 2019 presidential election and was inaugurated to a four-year term on December 10, 2019. He defeated incumbent President Mauricio Macri of the center-right Juntos por el Cambio (JC, Together for Change) coalition by a solid margin of 48.1% to 40.4% but by significantly less than the 15 to 20 percentage points predicted by polls. The election also returned to government former President Cristina FernAndez de Kirchner, who ran on the FdT ticket as vice president. In concurrent legislative elections, the FdT won a Senate majority; in the Chamber of Deputies, the JC won the largest bloc (but not a majority) and the FdT won the second-largest bloc. Figure I. Map of Argentina c a A RCENi INA Source: CRS. President Fern~ndez faces a challenging economic crisis, marked by a recession that is expected to extend into 2020, high poverty, and a high level of unsustainable public debt requiring restructuring (which Fern~ndez has pledged to do by the end of March 2020). Macri Administration (2015-2019). As leader of the center-right Republican Proposal party and the Cambiemos (Let's Change) coalition, Macri narrowly won the 2015 presidential election. He defeated the candidate of the leftist faction (Fren te part la Victoria, FPV) of the Peronist party led by outgoing President Cristina Ferndndez, who was ineligible to run for a third consecutive term. Macri's election ended 12 years of FPV rule by the Kirchners (N6stor Kirchner, 2003-2007, and Cristina Ferndndez, 2007-201 5). 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. President Macri swiftly ushered in economic policy changes, lifting currency controls; reducing or eliminating agricultural export taxes; and reducing water, electricity, and heating gas subsidies. The government reached a deal with private creditors in 2016 that ended the country's 15- year default; this 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). Argentina at a Glance Population: 45.1 million (2019, IMF est.). Area: 1.1 million square miles, about the size of the United States east of the Mississippi. GDP: $445 million (2019, current prices, IMF est.). Real GDP Growth: 2.7% (2017); -2.5% (2018); -3.1% (2019, est.); -1.3% (2020 projected) (IMF) Per Capita GDP: $9,888 (2019, current prices, IMF est.). Key Trading Partners (total trade): Brazil (21 . 1%), China (12.8%), United States (9.3%) (2018, IN DEC). 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). In 2018, however, a severe drought affecting agricultural exports, higher financing costs, and large budget deficits led to an economic contraction of 2.5%. As pressure on the peso increased, the government turned to the IMF, which approved an agreement to provide $57 billion in support through 2021, with $44.1 billion made available to date. Argentina's economic decline was the major factor in Macri's electoral defeat. His poor performance in an August 2019 combined primary triggered a run on the peso, wiping out about a quarter of its value. Macri subsequently announced emergency measures to provide relief to those suffering from the sharp devaluation, and his government imposed currency controls in an attempt to stabilize markets. Argentine government statistics show that during the first half of 2019, poverty increased to 35.4%, 8.1% higher than the first half of 2018. According to the IMF, the economy contracted an estimated 3.1% in 2019. Foreign Policy. Under Macri, Argentina improved relations with neighboring Brazil and other pro-market countries in '.0 :fl:O~

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