Argentina’s long-dominant Peronist movement is seeking to regain political strength ahead of the 2027 presidential elections amid waning support for current President Javier Milei. The right-wing leader’s free-market reforms have encountered growing public dissatisfaction, opening an opportunity for the left-leaning Peronists to reassert their influence.

Founded in the 1940s by Juan Domingo Perón, Peronism has been a central force in Argentine politics, traditionally emphasizing labor rights and national sovereignty. Under Cristina Kirchner, president from 2007 to 2015, the movement shifted noticeably to the left. However, it suffered a decisive defeat in the 2023 presidential vote, as widespread frustration over high inflation and perceived economic mismanagement under Peronist rule contributed to Milei’s rise as an outsider candidate.

According to pollster Trespuntozero, public opinion toward Milei has soured considerably. Approximately 64.6 percent of Argentines currently rate him unfavorably, exceeding the negative perception of most prominent Peronist figures. Shila Vilker, the pollster’s director, noted the race remains competitive, with Peronism poised to challenge Milei effectively in the next election.

Nevertheless, the Peronist movement faces internal divisions over its future policy direction. Some advocates favor a return to the interventionist economic policies associated with past administrations—state control, trade protectionism, and expansive social spending—while others seek to adopt a more fiscally balanced approach focused on alleviating cost-of-living pressures, somewhat aligning with elements of Milei’s platform.

Leadership dynamics further complicate Peronism’s path. Cristina Kirchner, who remains a powerful figure within the movement despite a six-year house arrest sentence for corruption and a ban from public office, has withheld support from Buenos Aires Province Governor Axel Kicillof, once considered her protégé. Kicillof faces challenges within the party as several Peronist lawmakers and governors vie for the 2027 presidential nomination, while some also explore candidates from outside the traditional leadership to counter Milei.

Kicillof, an economist who previously served in Kirchner’s cabinet, has embarked on extensive domestic and international outreach, articulating a vague promise to present a viable alternative to the current government. Although associated with contentious policies during Kirchner’s tenure, Kicillof maintains a reputation for pragmatism and has not been personally implicated in major corruption scandals—a potential asset given voter concerns about graft within Peronism.

Milei has publicly targeted Kicillof as his principal adversary, employing harsh rhetoric to polarize the electorate. However, analysts suggest that underlying structural changes in Argentina’s economy may be reshaping political calculations. Significant increases in shale energy production in Patagonia and a surge in copper and lithium investments in northern provinces have diversified regional economic power, weakening the traditional centralized model that Peronism historically relied upon.

This economic shift has empowered local political actors and led some Peronist governors to cooperate with Milei’s administration in pursuit of macroeconomic stability. Marcelo J García, Americas director at consulting firm Horizon Engage, warned that a tight presidential contest could destabilize the peso and financial markets.

Alongside this dynamic, attention has turned to possible moderate “third way” candidates, including business leader Jorge Brito and evangelical pastor Dante Geballe, as well as established center-right politicians, should Milei’s popularity continue to decline. Nonetheless, many within Peronism expect the 2027 election to be a polarization between their movement and Milei’s forces.

Carlos Bianco, chief adviser to Kicillof, reflected this sentiment following Brazil’s recent presidential election: “Societies are totally polarised. I think that’s what will happen next year in Argentina… I don’t see a space for third options.”