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1 [1] (June 12, 2020)

handle is hein.crs/govdbzw0001 and id is 1 raw text is: xa S Updated June 12,2020 Argentina: An Overview Situated on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant electoral democracy and Latin America's third-largest economy. U.S.-Argentine relations have been strong in recentyears, with extensive trade and economic linkages. Figure I. Map of Argentina A 6 ENT INA a................ Source: CRS. Current President Alberto Ferndndez of the center-left Peronis t Frente de Todos (FdT, Front for All) ticket won the October 2019 presidential election and was inaugurated to a four-year termin Decemnber 2019. He defeated incumnbent President Mauricio Macri of the center-fight Jun tospor el Cambio (JC, Together for Change) coalition by a solid margin of 48. 1% to 40.4% but by significantly les s than the 15 to 20 percentage points predicted by polls. The election also returned to government former President Cristina Ferndndezde Kirchner, fromthe leftist wing of the Peronist party, who ran on the FdT ticket as vice president. In concurrent legislative elections, the FdT won a Senate majority: in the Chamnber of Deputies, the JC won the larges t bloc (but not a majority) and the FdT won the second-largestbloc. A unified Peronist ticket and Argentina's economic deterioration in 2018 and 2019, marked by high inflation and increasing poverty, were major factors in Machi's defeat. Elected in 2015, Macri had ushered in economic policy changes in 2016-2017 that lifted currency controls; reduced or eliminated agricultural export taxes; and reduced electricity, water, and heating subsidies. In 2018, as the economy faced pressure froma severe drought and large budget deficits, the International Monetary Fund (IMF) supported the government with a $57 billion program The reforms and IMF support were not enough to stem economic decline, and the governmentreimposed currency controls and tookother measures to stabilize the economy. Argentina at a Glance Population: 45.1 million (2019,IMF est.). Area: 1.1 million square miles, aboutthesize oft he United St-tes east of the Mississippi. GDP: $445 billion (2019, current prices, IMF est.). Real GDP Growth: 2.7% (2017); -2.5%(20 18); -2.2% (2019, est.); -5.7% (2020 projected) (IMF) Per Capita GDP: $9,888 (20 19, current prices, IM F est.). Key Trading Partners (total trade): Brazil (19.5 %), China ( 13.7%), United States ( 12.5%) (20 19, TDM). Legislature: Bica meral Congress, with 72-member Senate and 257-member Chaamber of Deputies. Sources: IMF (World Economic Outlook Database, October 2019 and April 2020) and Trade Da-ta Monitor (TDM). Upon taking office, PresidentFemdndez faced an economy in crisis, with a reces sion expected to extend into 2020, high poverty, and a high level ofunsustainable public debt. He pledgedto restructure Argentina's debt by the end of March 2020 and opened talks with bondholders and other creditors, including the IMF. He also rolled out several measures, including a food programand price controls on basic goods, aimed at helping low-income Argentines cope with inflation and increased poverty. With the onset of the Coronaviru s Disease 2019 (COVID- 19) pandemic, the Femnndezgovernment's swift action imposing strict quarantine measures in mid-March 2020 had a significant effect in keeping thedeathrate low. As of June 12, 2020, the country registered 765 deaths (1.72 deaths per 100,000, compared with 34.79 deaths per 100,000 in the United States) according to datafromJohns Hopkins University. Poorer sections of Buenos Aires have been hard-hit by thepandemic. With the economic shutdown, the IMF in April forecast an economic contraction of 5.7% in 2020; other economists predict a steeper decline. Private creditors holding $66 billion in sovereignbonds did not accept aninitial May 2020 debt restructuring offer made by the government. The government subsequently defaulted on its debt on May 22, when it miss ed an interest payment, but negotiations with bondholders are continuing. Although President Ferindez's popularity rose to over 60% amid his government's response to the pandemic, the president could face more difficult times ahead as socioeconomic indicators worsen amid the recession. A' A '2

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