Argentina is heading towards a pivotal date this Sunday, where voters are expected to participate in a crucial presidential election amid an atmosphere considered one of the most tense and uncertain electoral races in the country’s history since its return to democracy 40 years ago.

The Leading Candidates:

The race features three main presidential candidates, including Javier Milei, an outspoken far-right figure, who won unexpectedly in the primary elections. Milei, often compared to former U.S. President Donald Trump, advocates for the dollarization of the economy, the abolition of the central bank, and significant reductions in government spending.

His primary rivals are the current Economy Minister, Sergio Massa, and the former Security Minister, Patricia Bullrich. These three are the front-runners in the race, and a second-round runoff in November is expected to decide the final president.

Economic Challenges:

These elections come at a time of significant economic challenges. Argentina is grappling with an annual inflation rate of 138%, rising poverty rates, with one in five Argentinians now living in poverty, and a historic agricultural crisis affecting major farming regions. The next president will face the daunting task of addressing these critical economic challenges.

Tensions and Uncertainty:

These elections reflect a high degree of tension and uncertainty. Mariano Machado from Verisk Maplecroft points out that Argentine pollsters have repeatedly failed to predict election outcomes, and the current situation resembles what happened four years ago when Mauricio Macri won a surprising victory. Machado describes the situation as “beyond uncertainty,” making it difficult to confidently predict the results.

Second Round:

These elections are expected to be just the beginning, as the top candidates with the most votes on Sunday are likely to participate in a runoff in November. This second round will determine the final president who will lead the country for the next four years.

The Future of the Economy:

The incoming president will face significant economic challenges, including addressing inflation, poverty, and ensuring economic stability. Regardless of the winner, the new government will have to confront the same severe economic challenges.