Slowly but surely, Argentina is emerging from its deep economic slump and shaking off the effects of a historic sovereign debt default that earned it a reputation as an investment pariah.

As President Mauricio Macri wraps up his first full year in office this month, the Latin-American economy is projected to pull itself out of an economic tailspin. This week, the Organization for Economic Cooperation and Development estimated Argentina will grow by nearly 3 percent next year, and 3.4 percent in 2018, after contracting by an estimated 1.7 percent this year. The International Monetary Fund estimated Argentina will grow at least 3 percent through 2019.

Yet Macri's efforts to reassure investors are already paying dividends. New initiatives include lifting currency and trade restrictions, reaching an agreement with holdouts from its massive 2001 debt default and other reforms are restoring confidence. In April, the country made a triumphant return to international debt markets by floating more than 16 billion in new bonds.

So is Argentina, once labeled a pariah state, now a respectable bet again?

"Yes," declared Cullen Thompson, co-founder and chief investment officer at Bienville Capital Management. The boutique New York City–based firm was one of the first outside investment firms to provide capital to Argentina.

"The economy is set to improve and inflation should begin to decline. The policy and business climate is improving as Macri is re-establishing the rules of the game," he told CNBC recently. "Also, equities should benefit as profitability improves."

By moving to more orthodox policies, Macri is signaling a significant shift from his predecessor, Cristina Fernandez de Kirchner, Thompson said. "Argentina will be much [friendlier] to investors than it was under the Kirchners."