Argentina’s President Struggles to Avert Economic Crash
Last year, Argentinian President Alberto Fernandez was elected to lift the country out of a harmful and devastating economic recession. Now, the economy is facing a surmounting crisis as COVID-19 threatens economic stability across the world. The Argentine government is struggling to create an economic plan while managing a leftist Peronist coalition led by Vice President Cristina Kirchner, the former president.
Fernandez’s leadership has seen erratic policies that may have furthered a deepening currency crisis and undermined confidence in the government. Investors and worried Fernandez will be unable to avoid a full-blown economic crash. The International Monetary Fund predicts that Argentina’s GDP will contract by 12% this year. Argentina boasts the second biggest economy in South America but has also suffered greatly from the COVID-19 pandemic, with 30,000 recorded deaths thus far.