Argentine President Alberto Fernandez has conceded to his far-right challenger, USA-born candidate Mauricio Macri, in the runoff round of the country’s presidential election. The result of the election will have consequences for the country’s economic policy, as Macri has promised to liberalize the market and reduce spending.
Fernandez, who had been the current president since December 2019, conceded the results of the election, which was held on Sunday, June 13, 2021, despite a strong showing in the first round of voting in the primaries back in May.
The runoff between Fernandez and his challenger Macri, a former Argentine President and a staunch conservative, was expected to be a closely contested race, as both candidates had garnered substantial support in the first round of voting. Despite this, Macri was ultimately able to secure a commanding victory, receiving nearly 60% of the vote with a margin of more than 8 points.
The result of the election marks a major shift in Argentina’s political climate, as Macri’s victory could signal a move towards liberalization in the country’s economic policies. Macri has pledged to reduce taxes and to decrease government spending, which would be a significant change from Fernandez’s policies of increased government intervention in the economy.
Overall, the election results are a reflection of growing dissatisfaction among Argentine voters with the incumbent president’s handling of the country’s economy, in particular the country’s rising inflation rate. It remains to be seen, however, if Macri is able to deliver on his campaign promises and make the necessary economic reforms that have been promised to the Argentine people.