On Sunday, polls closed in Argentina as the country sought to elect its next president in the backdrop of severe economic challenges. With skyrocketing inflation, a devalued currency, and a sixth recession looming, the outcome of this election holds significant consequences for the country’s future.
Three prominent candidates are vying for the presidency: Economy Minister Sergio Massa, representing the ruling Peronist coalition; Patricia Bullrich, an opposition leader in favor of free-market policies; and Javier Milei, an outsider who recently gained popularity after advocating for a dollarized economy and the abolishment of the central bank. Milei is currently viewed as the frontrunner.
To secure an outright victory, a candidate must either secure 45% of the total votes or achieve a minimum of 40% with a 10% lead over the second-place candidate. If neither of these thresholds is met, the two leading candidates from Sunday’s election will proceed to a runoff vote on November 19 to determine the ultimate winner.
By 6 p.m. local time in Buenos Aires, 74% of eligible voters had already cast their votes, indicating a higher turnout compared to the August primary vote which saw a 66% participation rate.
Definitive results of the election are expected to be announced after 10 p.m. local time, providing crucial insights into Argentina’s political future and its potential path to overcome the current economic turmoil.
Source: ©2023 Bloomberg L.P.
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