BUENOS AIRES – A day after winning the Argentina’s presidential elections, centre-right leader and Presidential elect Mauricio Macri promised to get the gears of the Argentinian economy moving once again. However, he did not lay out specific details as he wanted to know the “real” state of the nation’s accounts.
But that did not stop Macri from sharply addressing some other important matters. For starters, he wants the Central Bank’s top tier to step aside and also wants Venezuela suspended from the Mercosur trading bloc for human rights abuses.
The centre-right leader has made it evident that he is pro-business in his electoral campaigns, wherein he has promised economic reforms that he feels is necessary to tackle the weak growth of the Argentina’s economy, high inflation as well as a rather large fiscal deficit which is a result of a “decade of free-spending leftist populism”.
“Argentina’s big problem today is that for four years there has been no growth, for four years no jobs have been created and now we have to get the country moving,” Macri said.
Macri has also vowed to correct the errors of the outgoing leftist Peronist government, whose capital controls he terms as a “mistake”. Macri has been clear on the fact that his government would restore the Central Bank’s independence.
But these plans don’t come without challenges. The main challenges that Macri faces within Argentina are that he lacks a majority in Congress as well as the fact that Argentina’s currency reserves are at an all-time low. This is not being helped by other external challenges such as the the slowdown in China, weak commodity prices and a deepening recession in main trade partner Brazil.
Macri takes power on December 10, but he has indicated that he might take some time before naming his cabinet.
– The Global Panorama