Gustavo Petro, mistrusted by many investors, wants to transform the country’s business friendly economic model.
| Gustavo Petro, a former guerrilla who wants to transform Colombia’s business-friendly economic model, was elected to the presidency, potentially setting up the most radical change of course in the Andean nation’s recent history.
Former rebel Gustavo Petro, his wife, Veronica Alcocer, and his running mate, Francia Marquez, right, celebrate with supporters.Other major Latin American nations, “We expect more volatility in local markets and the weakening trend of the peso would continue,” said Ana Vera, chief economist at Panama-based IN ON Capital. Investors will be watching for guidance on who is appointed to the finance ministry and the rest of his economic team, she added.
Mr Petro harnessed the desire for an alternative government fuelled by inflation that has accelerated to its fastest pace in more than two decades, and corruption scandals that have undercut support for the nation’s traditional ruling class. The International Monetary Fund forecasts growth of more than 5 per cent this year, the fastest pace among major economies in the Americas. Even so, nearly half of Colombians believe conditions are getting worse, according to a recent poll by Gallup.
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