Argentine Recession Hampers Macri's Re-election Bid

(@rukhshanmir)

Argentine recession hampers Macri's re-election bid

Following a painful 2018 that left Argentina in recession and forced into unpopular austerity measures, President Mauricio Macri faces an uphill battle in his bid for re-election in October

Buenos Aires, (APP - UrduPoint / Pakistan Point News - 12th Jan, 2019 ) :Following a painful 2018 that left Argentina in recession and forced into unpopular austerity measures, President Mauricio Macri faces an uphill battle in his bid for re-election in October.

But while the statistics from his "annus horribilis" make grim reading -- inflation initially calculated at 10 percent finished the year at 48 percent while an economy expected to grow by 3.5 percent shrunk by 2.7 percent, according to the World Bank -- if he manages to stabilize the economy, he has a chance.

Macri has a lot of ground to make up: his approval rating crashed from 66 percent in October 2017 to just 35 percent last month, according to a poll by the San Andres University.

A lot of people will need convincing that he could bring stability, and even prosperity, if afforded a second term in office.

"I think Argentines will choose the most extensive path: the one of efforts, truth, the long term, joint construction. We're tackling the enormous task of turning the corner on 70 years of taking shortcuts," wrote Macri in a New Year's message.

His aim is to slow down inflation to arrive at October's elections with a brighter outlook.

But "Macri needs to improve a lot of things and sort out many things," said Pablo Knopoff, director at Isonomia consultancy.

Something that might work in his favor is a divided Peronist opposition, which covers the entire left-to-right spectrum, making it difficult to unite behind a single candidate.

Its most popular politician is the center-left former president Cristina Kirchner, but she's facing several court cases over corruption.