Carly Fiorina announced Monday that she is running for president in 2016, making her the latest addition to the list of declared candidates and the only woman in the GOP's growing list of presidential hopefuls.

Despite her lack of political experience, Fiorina is confident that her background in the private sector makes her the best person to take on Democratic frontrunner Hillary Clinton.

"I think I am the best person for the job because I understand how the economy actually works. I understand executive decision-making, which is making a tough call in a tough time with high stakes," she told George Stephanopoulos of ABC News.

She added, "I understand bureaucracies, and that's what our federal government has become - a giant, bloated, unaccountable, corrupt bureaucracy."

Fiorina is one of the leading critics of Clinton, openly speaking against the Democratic candidate about issues like the foreign donations received by the Clinton Foundation, Clinton's response to the attack on an American diplomatic compound in Benghazi and the use of a private email while she served as secretary of state.

In the video launching her presidential bid, which was posted in her official campaign website, Fiorina is shown watching the first few seconds of Clinton's announcement video and then turning it off and saying, "Our founders never intended us to have a professional political class. They believed that citizens and leaders needed to step forward. If you believe that it's time for citizens to stand up to the political class and say enough, then join us."

After stating her bid for the presidential race, the former executive of Hewlett-Packard gave a press conference call for reporters. She said the first thing she would do if elected president is to implement "zero based budgeting," a method used by President Jimmy Carter where every item is examined line by line, NBC News reports.

Second on her list is speaking with and reaffirming support for Israeli Prime Minister Benjamin Netanyahu. She also said she would implement strict sanctions on Iran.

In 2008, she became economic adviser to John McCain during his presidential campaign. She ran for senator in 2010 but lost by 10 points to Sen. Barbara Boxer. In 2014, she launched the Unlocking Potential Project, which sought to increase the number of female voters in the Republican Party in order to close the gender gap.