The election of pro-business candidate Mauricio Macri as Argentina’s new president is likely to herald a much-needed shift towards orthodox economic policymaking. In the near term, this is likely to be painful. Indeed, we expect the country to fall back into recession next year. But the medium term outlook has undoubtedly brightened and we think the economy could return to sustainable growth of 3.0-3.5% by 2018.
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