Billionaire Sebastián Piñera secured the presidential election victory on December 17, after winning 54.6 per cent of the vote in a second round run-off. He beat Alejandro Guillier, a former television anchor backed by the centre-left government who proclaimed himself a political outsider. Mr Piñera will assume the presidency in March.
The first round of the election saw Mr Piñera come in first with 36.6 per cent of the vote, while Mr Guillier came in second with 22.7 per cent. Beatriz Sanchez, leader of the newly created left-wing Frente Amplio (Broad Front) alliance, secured 20.3 per cent of the vote.
Mr Piñera is succeeding outgoing President Michelle Bachelet for the second time. His election victory in 2010 saw him become the first right-of-centre candidate to win Chile’s presidency since General Augusto Pinochet’s 17-year dictatorship ended in 1990. His latest victory represents the broader political swing to the right in Latin America, with new centre-right governments in Argentina, Brazil and Peru.
Chile is Latin America’s wealthiest country, but is ranked the worst in terms of income inequality among the Organisation for Economic Co-operation and Development’s 35 member states. Ms Bachelet’s reform programme aimed at tackling inequality was widely criticised for being poorly designed and implemented.
The economy depends largely on the price of copper, which provides nearly half of export revenues. Under Ms Bachelet’s second presidency, GDP growth averaged less than 2 per cent a year, partly because the fall in the price of copper and the collapse in business confidence. Mr Piñera presided over more than 5 per cent annual growth during his first presidency, cut unemployment and slashed the poverty rate. He has promised to double economic growth, create 600,000 jobs and narrow the budget deficit. The plan may be attainable as the price of copper recovers.
Mr Piñera will deal with the most diverse Congress since 1990. Ms Bachelet’s electoral reform introduced the proportional representation system, helping to put an end to almost three decades of two-party dominance.
Mr Piñera would find it hard to strike deals with centre-left and leftist parties as he lacks a majority in Congress.
Photo: Fotos TVN
