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1 [1] (January 23, 2024)

handle is hein.crs/goveocg0001 and id is 1 raw text is: CongressionaI Research Service informing the eg iativ debatL sino 1914 Updated January 23, 2024 Argentina: An Overview Located on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant democratic tradition and is one of the largest economies in Latin America. U.S.- Argentina relations have been strong in recent years, and many Members of Congress maintain interest in security and commercial ties, among other aspects of the relationship. Argentina at a Glance Capital: Autonomous City of Buenos Aires Population: 47.2 million (2024, IMF est.) GDP/Per Capita GDP: $621.8 billion/$13,300 (2023, current prices, IMF.) Area: I.I million square miles (about the size of the United States east of the Mississippi) Real GDP Growth (constant prices): -9.9% (2020); 10.7% (2021); 5.0% (2022); -2.5% (2023); 2.8% (2024, est.) (IMF) Key Export Trading Partners: Brazil (14%), China (9%), United States (7%), Chile (6%) (2022, INDEC) Key Import Trading Partners: China (21%) Brazil (20%), United States (13%), Germany (3%) (2022, INDEC) Sources: International Monetary Fund (IMF), World Economic Outlook Database, October 2023, and Argentina National Directorate of External Sector Statistics and International Accounts (INDEC) Po htncai E n viron ment Current President and former economist Javier Milei of the far-right La Libertad Avanza (LLA, Freedom Advances) coalition captured 56% of the vote in a second-round runoff election on November 19, 2023. Milei defeated former Minister of Economy and candidate of the center-left Union por la Patria (UxP, United for the Homeland) coalition Sergio Massa, who captured 44% of the vote. Some observers interpreted Milei's victory as a popular rejection of the once-dominant Peronist political movement most recently led by former president (2007-2015) and vice president (2019-2023) Cristina Fernandez de Kirchner. Argentina's economic deterioration, marked by high inflation and increasing poverty under the Peronist administration of President Alberto Fernandez (2019-2023), was a major factor in the 2023 election. In October 2023 legislative elections, however, the Peronist UxP regained its status as the largest bloc in the Senate and remained the largest bloc in the Chamber of Deputies. In the Chamber of Deputies, UxP holds 108 seats. the center-right JxC holds 93 seats, and Milei's far-right LLA holds 38 seats. In the Senate, UxP holds 34 seats, JxC holds 34 seats, and LLA holds 8 seats. President Milei was inaugurated to a four-year term on December 10, 2023. Immediately upon inauguration, the Milei administration began implementing policy changes to overhaul Argentina's economy. It devalued the Argentine peso by more than 50% to decrease the country's fiscal deficit and reduce macroeconomic and trade imbalances. The Milei administration plans to continue devaluing the currency by 2% each month as part of its long-term program to reduce domestic consumption and restore macroeconomic balance. To cut government spending, the Milei administration announced the termination of 5,000 federal workers upon the expiration of their contracts and eliminated 9 out of 18 federal government ministries. The administration also announced cuts to energy and transportation subsidies. Although Milei ran on an economic shock adjustment platform, the pace and breadth of postelection reforms have prompted protests among Argentines struggling to afford basic services. On December 20, 2023, Milei issued a Decree of Necessity and Urgency (DNU), implementing more than 300 economic measures. The measures focus on deregulation of Argentina's economy, including the elimination of price controls and a scaling back of labor, employment, and rental housing regulations, among others. In January 2024, the General Confederation of Labor, a Peronist-allied trade union, filed a legal challenge to the labor reforms in the DNU before the National Chamber of Labor Appeals. The court accepted the appeal and blocked the labor reforms pending a final ruling on whether the reforms are permissible under Argentine law. The Milei administration announced it would appeal the stay. Observers expect that President Milei's LLA, given its lack of a legislative majority, will need to forge a working coalition with other parties in the legislature to advance its policy agenda. In late December 2023, Milei sent an omnibus bill to the Argentine congress that included 664 articles encompassing reforms to Argentina's tax and public debt management systems as well as electoral law reforms. The proposed electoral law change would increase the number of lawmakers per district. A more controversial proposal would cede some legislative powers to the president until December 25, 2025-with the potential for a two-year extension. The UxP and other parties have opposed the DNU and the omnibus bill granting Milei extraordinary powers. The Milei administration has called for and extended extraordinary congressional sessions until February 15 to allow for timely consideration of the omnibus bill. The Argentine congress's sessions traditionally begin on March 1.

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