Source: The Worldfolio
President Mauricio Macri’s message of integration with the international community has drawn the praise of foreign investors and world leaders. Will it be enough to break with historical trends at home and establish long-term, inclusive growth?
A century ago, Argentina was one of the world’s ten wealthiest nations, as the grand buildings towering over the streets of Buenos Aires attest. From the ornate Teatro Colón from 1908, one of the world’s finest opera houses, to the French-style Retiro railway station from 1915, the city’s architecture speaks to the glory of this once-eminent nation. But as a result of economic mismanagement by successive governments, Argentina is no longer synonymous with prosperity, and instead has seen its reputation damaged by the hyperinflation of 1989-90, the economic meltdown of 2001 and its run on banks, to its headline-grabbing loan default in 2014 with a group of holdout bondholders.
From the local and international investment outlook, however, it seems as if better days are on the way. President Mauricio Macri, elected in late 2015 on a platform of change and the country’s first center-right leader to come to power since it returned to democracy in 1983, has pledged to make Argentina “normal” again through a pro-business investment agenda to sustainably grow the economy and create jobs in order to reduce poverty.
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