On 22 November 2015, after a tie in the first round of presidential elections on 25 October, center-right coalition candidate Mauricio Macri won the first ballotage in Argentina's history, beating Front for Victory candidate Daniel Scioli and becoming president-elect. Macri was the first democratically elected non-peronist president since 1916 that managed to complete his term in office without being overthrown. He took office on 10 December 2015 and inherited an economy with a high inflation rate and in a poor shape. In April 2016, the Macri Government introduced neoliberal austerity measures intended to tackle inflation and overblown public deficits. Under Macri's administration, economic recovery remained elusive with GDP shrinking 3.4%, inflation totaling 240%, billions of US dollars issued in sovereign debt, and mass poverty increasing by the end of his term. He ran for re-election in 2019 but lost by nearly eight percentage points to Alberto Fernández, the Justicialist Party candidate.