Argentina’s presidential hopefuls have until today to announce their candidacy ahead of the October 27 election. Argentinian President Mauricio Macri
Argentina’s presidential hopefuls have until today to announce their candidacy ahead of the October 27 election.
Argentinian President Mauricio Macri is facing a stiff challenge from Alberto Fernandez, who has chosen former President Cristina Fernandez de Kirchner as his vice-presidential nominee.
Macri’s popularity has waned amid economic challenges. Argentina’s trade deficit to GDP was 4.8% in 2018, and its economy is forecasted to contract by 1.8% in 2019 as inflation skyrockets. Macri’s cuts to utility subsidies saw consumer prices double over the past three years and millions of Argentinians plunder into poverty as unemployment increased to 9.1% in the fourth quarter of 2018, up from 7.2% at the same time in 2017.
A victory for Fernandez would likely see the return of economic policies reminiscent of de Kirchner’s tariffs, protectionism and generous government spending.
A Fernandez presidency is unlikely to be favourable for foreign investors, who would rather see the pro-business Macri maintain the office. Ultimately, the race could be decided by whoever the current third-place candidate, centrist Roberto Lavagne — who, according to polls, could substantially challenge either front-runner in a runoff, though he is unlikely to get there — chooses to back.
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