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1 [1] (April 6, 2023)

handle is hein.crs/govelfi0001 and id is 1 raw text is: I nf Updated April 6, 2023 Argentina: An Overview Located on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant democratic tradition and is home to Latin America's third-largest economy. U.S.- Argentina relations have been strong in recent years, and Congress maintains several areas of interest in bilateral relations. Source: CRS. Politial and Economic Environment Current President Alberto Fernandez of the center-left Peronist-led Frente de Todos (FdT, Front for All) coalition won the October 2019 presidential election and was inaugurated to a four-year term in December 2019. He defeated incumbent President Mauricio Macri of the center- right Juntos por el Cambio (JC, Together for Change) coalition by a margin of 48.1% to 40.4%. The election also returned to government former President Cristina Fernandez de Kirchner (2007-2015), from the leftist wing of the Peronist party, who ran on the FdT ticket as vice president. A unified Peronist ticket and Argentina's economic deterioration, marked by high inflation and increasing poverty, were major factors in Mach's defeat. In November 2021 midterm legislative elections (for a third of the seats in the Senate and half of the seats in the Chamber of Deputies), the FdT lost its Senate majority but remained the largest bloc in the Chamber of Deputies, albeit without a majority. The economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic and rising inflation were key factors in the legislative race. Argentina's next presidential and legislative elections are scheduled for October 2023. Difficult economic conditions in Argentina will likely be a major factor in the elections. In early December 2022, Vice President Fernandez de Kirchner was convicted on corruption charges; while she vowed to appeal the verdict, she also said that she would not run for any future office. When President Fernandez took office in 2019, he faced an economic recession, high poverty, and unsustainable public debt. Fernindez rolled out several measures, including a food program and price controls on basic goods, to assist low-income Argentines. His government negotiated two debt-restructuring agreements with private creditors in 2020 for over $100 billion in bonds. Argentina at a Glance Population: 46.8 million (2023, IMF est.) Area: 1.1 million square miles, about the size of the United States east of the Mississippi Gross Domestic Product (GDP): $630.7 billion (2021, current prices, IMF est.) Per Capita GDP: $13,620 (2022, current prices, IMF est.) Key Export Partners: Brazil (14%), China (9%), United States (7%) (2022, INDEC) Key Import Partners: China (21%), Brazil (20%), United States (13%) (2022, INDEC) Legislature: Bicameral Congress, with 72-member Senate and 257-member Chamber of Deputies Sources: International Monetary Fund (IMF) and National Directorate of External Sector Statistics and International Accounts. The Fernandez government also sought a new International Monetary Fund (IMF) agreement to replace the $57 billion program entered into by the previous Macri government in 2018. In March 2022, the IMF approved a new $44 billion, 30-month arrangement that, according to the IMF, sets pragmatic objectives along with policies to improve public finances and reduce inflation. In March 2023, after the IMF's fourth review of the arrangement, the IMF assessed that prudent macroeconomic management in the second half of 2022 supported stability and helped secure program targets through end-2022 with some margin. As of March 2023, total disbursements under the March 2022 arrangement are $28.8 billion. Despite the improvements cited by the IMF, in February 2023, Argentina's annual inflation rate reached 102.5%, the highest rate in the last 30 years. Argentina's economy contracted by 9.9% in 2020 due to a pandemic-driven downturn and began a strong recovery in 2021 with 10.4% growth, followed by 4% growth in 2022. The IMF projects that growth will slow to 2% in 2023. Argentina's urban poverty rate was increasing before the pandemic, reaching 35.5% at the end of 2019. It grew to gresina Re earch Service niinc eo leas ive deb si nct 1914

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