After presidential race surprise, Argentine economy minister and right-wing populist look to runoff

Argentina's economy minister and anti-establishment upstart face off in Nov. 19 runoff. Massa's focus on how Milei's budget-slashing would affect citizens earned him more support. Bullrich's coalition may not support Milei, who has radical proposals. Massa promises a govt. of national unity, while Milei seeks to appeal to Bullrich's voters. Massa's tax cuts, welfare programs, and Milei's fiery rhetoric, culture warrior positions, may sway voters. Market predicts govt. has little incentive to correct imbalances.

Argentina's economy minister and the anti-establishment upstart he faces in a presidential runoff next month began competing Monday to shore up the moderate voters they need.

Economy Minister Sergio Massa earned almost seven points more than chainsaw-wielding economist and freshman lawmaker Javier Milei in Sunday's vote. Most polls had shown Mr. Massa slightly trailing, as voters had been expected to punish him for triple-digit inflation that has eaten away at purchasing power and boosted poverty.

On November 19, voters will either choose Mr. Massa, despite the economic deterioration that took place on his watch, or place their hopes in a self-described anarcho-capitalist who promises a drastic shake-up of South America’s second-largest economy.

Mr. Milei's fiery rhetoric and radical proposals — like slashing subsidies that benefit a large swath of the population and replacing the local currency with the dollar — galvanised die-hard supporters, but cost him support among more moderate voters.

Mr. Massa focused his messaging in the latter part of the campaign on how Mr. Milei’s budget-slashing chainsaw would negatively affect citizens already struggling to make ends meet, with a particular focus on how much public transportation prices in Buenos Aires would increase without subsidies, said Mariel Fornoni of the political consulting firm Management and Fit.

That “had a significant impact and evidently instilled more fear than anything else,” Ms. Fornoni said.

Mr. Massa once again showed his Peronist party’s power to mobilise Argentine voters. A political movement named after former President Juan Domingo Perón that has both left- and right-wing factions but broadly believes in social justice and workers’ rights, Peronism has been a dominant force and in this election cycle emerged as the only viable left-leaning option.