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Business Matters: Argentina's Macri Faces Major Economic Challenge

News

New Argentina President Faces Major Economic Challenge

11/12/2015 GMT

Argentina's Macri Faces Major Economic Challenge

BBC World Service - Business Matters, Argentina's Macri Faces Major Economic Challenge

How will President Mauricio Macri tackle high inflation and an overvalued currency?

As Mauricio Macri is sworn in as Argentina's new president how will he tackle high inflation and an overvalued currency? Plus, Colorado gets a tourism boost from marijuana.

Crowds lined the streets of Buenos Aires to cheer Argentina's new President, Mauricio Macri, as he made his way to congress to be sworn into office. But the economic reality he faces is stark - Argentina has the highest inflation rate of any major industrialised nation, the country still can't borrow on the international bond markets, and its currency is widely seen as overvalued. Daniel Marx, from Quantum Finanzas in Buenos Aires and the country's former secretary of finance, goes through Mr Macri's economic 'in-tray'.

The South African business community has reacted with dismay, and the rand has fallen to a new all-time low, following the sudden exit of a respected finance minister. President Jacob Zuma has not explained why he sacked Nhlanhla Nene and replaced him with David Van Rooyen. Alan Mukoki, from the South Africa Chamber of Commerce in Johannesburg, calls it a "public relations disaster".

Four of the world's biggest tobacco companies have launched a legal challenge against a UK government move to force cigarette companies to remove all branding, logos and trademarks from their packets. We hear the arguments for and against.

Plus, legal marijuana has been credited with boosting tourism in Colorado, and the campaign to get American teenagers to go to college gets the rap backing of the White House.

We are joined by guests Alexis Goldstein, policy researcher at Americans for Financial Reform in Washington, and Tony Nash, chief economist at Complete Intelligence in Singapore.

(Picture: Supporters cheer Argentina's new president, Mauricio Macri. Copyright: Getty Images).

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