Argentina’s President Mauricio Macri Could Face Big Economic Challenges This 2017

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Argentina’s President Mauricio Macri Could Face Big Economic Challenges This 2017

In the past few weeks, Argentina’s President Mauricio Macri was facing tons of criticisms after being accused of favoritism on his father’s company in the negotiations which involve the repayment of a $300 million debt to the state.

The accusation comes after the Argentina’s President Mauricio Macri failed to condemn an official who offended lots of people when he played down the gravity of the Argentina’s military dictatorship.

According to the Financial Times, Argentina’s President Mauricio Macri is still in his strong position for the midterm elections. The president together with his team could take a bow in their first year in office.

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Argentina’s President Mauricio Macri took on the country’s biggest economic distortions which unify the exchange rate, cutting energy subsidies, resolving the conflict with the international creditors, reinstatement of credible statistics, and eradicating tariffs, quotas, and export licenses.

These happened despite Argentina’s President Mauricio Macri’s outsider status and limited influence in the Congress. Now, President Mauricio Macri has to capitalize the continuing international investor and domestic Argentine support to have more fundamental changes and to restructure the state to ensure economic and long-term sustainable growth.

Argentina’s President Mauricio Macri needs to stay in the economic course in his first year and double down the country’s outsized reliance on public spending to ensure full accomplishment of the goals. 

According to Fortune, Argentina’s President Mauricio Macri’s reward on his effort are beginning to pay off. Some of the economic indicators are turning in Argentina’s favor. Currently, inflation is falling, the recession is slowing, and some sectors like real estate, construction, and agriculture are on the rebound.

Recent polls and survey show that majority of the population is giving Argentina’s President Mauricio Macri a benefit of the doubt despite high inflation, unemployment, and stagnant growth. If the government can boost growth, it may do well in the next midterms and gain seats in the Congress to continue on a market-friendly path.

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Published at Wed, 01 Mar 2017 03:01:30 +0000

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