Albeit Argentinian president Mauricio Macri’s waning support amidst the declining peso and rising inflations and poverty, his policies might still endure somehow – and the same can be applied to him.
Peso’s value declined drastically on Tuesday after it lost around 15% of its value in 2019. Just last year, Macri was forced to seek the help of the International Monetary Fund, borrowing a $56.3 billion package in funds. As of now, Venezuela’s poverty rate sits at 32% according to the statistics provided by the national statistics agency. This has been higher than Macri’s approval rating, which has declined to 30% according to a recent poll.
In spite of that, there seems to be some good news. Successful harvests involving corn and soy crops will help boost the country’s economy, making it the third biggest in terms of GDP in the Latin American region. However, recovery might not be certain yet, as Macri is set to return for the October presidential elections hoping to get re-elected for yet another four-year term.
Macri’s leftist nemesis, Cristina Fernandez, is also set to run in the upcoming elections, alarming a lot of investors.
However, even if Macri didn’t win the elections come October, the fact that he can complete his full term could somehow be considered a win. By doing so, he would be the first non-Peronist to have achieved such feat ever since democracy was restored back in 1983.
A predecessor, who has faced heavy riots after another, left the Casa Rosada presidential mansion from the roof in a helicopter. In the event recovery kicks in, basic economic literacy will at least see a good chance of surviving up until the next government, regardless if it falls to Macri’s leadership or not.