国际英语新闻:Spotlight: Argentina elections a choice of two economic visions

BUENOS AIRES, Oct. 24 (Xinhua) -- Argentinians will go to the polls on Sunday in a presidential election that offers a choice between two divergent economic visions.

Saddled with galloping inflation and a battered national currency, the economy has emerged as the election's single biggest issue.

According to official data, inflation is running at 37.7 percent in the country, the debt burden represents 68 percent of gross domestic product (GDP), 35.4 percent of Argentinians live in poverty and the unemployment rate is in the double digits.

The leading candidates propose different strategies to tackle the economic crisis and pay off the national debt while reducing its fiscal deficit.

The opposition Everyone's Front coalition (Frente de Todos) and its progressive candidate Alberto Fernandez easily defeated conservative President Mauricio Macri and his ruling Together for Change (Juntos por el Cambio) party in primary elections on Aug. 11.

The country's foreign reserves subsequently fell by 872 million U.S. dollars a day following the results of the primary elections, and the peso was devalued by nearly 20 percent in August, according to data from the Central Bank of the Republic of Argentina.

Macri wants to continue his government's economic priorities to reduce the deficit, cut public spending, lower taxes and guarantee the independence of the central bank.

He proposes generating more jobs through public works projects, with a focus on combating corruption in this sector.

To stabilize the economy, Macri's government applied and received a loan of 56.3 billion dollars from the International Monetary Fund (IMF).

Fernandez, on the other hand, proposes to offer credit to small and medium-size businesses, as well as to renegotiate the loan agreement with the IMF.

However, the need to keep expanding exports to strengthen the economy is a point on which both candidates agree.

Observers said the structural problems in taxes, labour and pensions confronting Argentina's economy must be addressed no matter who is elected.