Argentina is scheduled to hold its next Presidential election later this year. The election comes as the country is in the midst of one of the worst economic situations on the planet. Not to mention a potentially catastrophic environmental state of affairs that could have a devastating domino effect.

All things considered, it's not particularly surprising that Argentine President Alberto Fernandez would have very low approval ratings. With some polls indicating a sub-20% popularity for Fernandez. His prospects for a successful re-election bid seemed daunting, to put it mildly.

And apparently he saw the proverbial writing on the wall.

Announces that he will not run for re-election

Alberto Fernandez will not run for another term as president, the Buenos Aires Herald reports. He broke the news via a video posted on Twitter with a caption that translates to "My decision." Instead of running himself, he intends to hand over the office to a legitimately elected successor.

Inflation has reached well over 100% in Argentina and its economy is project to contract 2% by the year's end. Circumstances made even worse by a historically crippling drought in the country. The nation's production over various crops such as soybeans, wheat and corn has been severely reduced as a result.

Obviously meaning that there's less food to go around. But also meaning that there are fewer jobs, fewer products to sell and so on.

Roughly 40% of the population of Argentina is classified as living in poverty. And the outlook for the foreseeable future seems to be relatively bleak. It would be understandable if Argentine citizens opted to shake up the political status quo.

Fernandez was elected president in 2019. Defeating incumbent President Mauricio Macri in a three-way race that also included former Economy Minister Roberto Lavagna. He'd previously been chief of the Cabinet of Ministers under Presidents Nestor Kirchner and Cristina Fernandez de Kirchner. Fernandez's other prior offices included serving as a member of the Buenos Aires City Legislature.

Creates an opening for a new nominee for the Presidency

Alberto Fernandez is also the head of the Partido Justicialista ("Justicialist Party"). The political party is a member of the Frente de Todos ("Everyone's Front") coalition. Of which Fernandez is also effectively the face of.

With his absence in the election, the natural query becomes who carries the flag for the coalition now. Vice President – and former President – Cristina Fernandez de Kirchner – is also not running in the race.

Yahoo indicates that Economy Minister Sergio Massa is a frontrunner for the nomination. Massa was the Presidential nominee for the Unidos por una Nueva Alternativa ("United for a New Alternative") coalition in 2015.

Like Fernandez, he was the Cabinet chief. He was also the president of Argentina's Chamber of Deputies. A position roughly equivalent to that of the speaker of the United States House of Representatives. But there is probably an obvious issue with his potential nomination. The economic situation in Argentina was bad enough to derail the president. One would think that would also likely eliminate the economy minister himself as a viable candidate for the office.

Several candidates of other political affiliations have already launched their campaigns. They include Buenos Aires Mayor Horacio Rodriguez Larreta and former Security Minister Patricia Bullrich.