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Argentina: the disastrous economic record of Mauricio Macri

2019-08-13T13:04:08.702Z

Economy in recession, galloping inflation ... Three and a half years after the arrival in power of Mauricio Macri, the economic situation of Argentina still has not improved, on the contrary.


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In Buenos Aires, a man brandishes a wad of Argentine money, the peso. REUTERS / Marcos Brindicci

Economy in recession, galloping inflation ... Three and a half years after the arrival in power of Mauricio Macri, the economic situation of Argentina has not always improved, on the contrary.

The Argentine president pays a disastrous economic record. The economy is slowing down , and has been in recession since last year: annual inflation has reached 55% peaks, while the purchasing power of Argentineans is on the contrary in free fall.

One-third of the population below the poverty line

Almost a third of the population lives below the poverty line. Business closures follow suit with its corollary of job losses. Unemployment officially exceeds 10%.

Engulfed in a deadly economic crisis, Argentina has asked for help from the International Monetary Fund . A loan of 57 billion euros was granted last year in exchange for an austerity plan to clean up public finances.

Reduced public investments

A fiscal rigor that weighs on the lives of Argentines since to meet the requirements of the IMF, the government has reduced public investment and state subsidies needed to fight against poverty.

More than three years after he came to power, President Mauricio Macri, who promised to renew his country's ties with the markets , pays with this electoral setback, his inability to fight against inflation.

He [Mauricio Macri] is starting to harvest now, little by little, the fruit of his success abroad, but in electoral terms, it comes too late.

Gabriel Gimenez-Roche

teacher-researcher at NEOMA Business School

13/08/2019 - by Aabla Jounaïdi Play

Source: rfi

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