In Bolivia's first-round presidential election, voters decisively rejected the leftist party that has ruled the country for most of the past two decades, signalling a shift toward more market-friendly policies to address the nation's economic struggles.
Centrist senator Rodrigo Paz led with 32.18% of the vote, while conservative former president Jorge "Tuto" Quiroga trailed at 26.94%.
With no candidate achieving over 40% of the vote and no 10-point lead, a runoff election is set for 19 October. The results reflect a shift in Bolivia’s political landscape, previously dominated by the leftist MAS party, led by Evo Morales, whose influence has waned in recent years.
Paz, in his victory speech, emphasised the need for a change not just in government but in the political system itself. Investors reacted positively to the results, with Bolivia’s bonds seeing a significant rise, reflecting hopes for economic recovery and potential aid from the IMF.
Bolivia’s economic challenges, including rising inflation, fuel shortages, and a lack of dollars, were top concerns for voters. The country’s fragile economy, with inflation reaching 23% by June, had led many Bolivians to turn to alternative methods like cryptocurrencies to protect their savings.
The election results also signal a potential shift in Latin America, with upcoming elections in Chile and Colombia possibly following Bolivia’s lead toward rightward political shifts. Voter turnout was steady, despite concerns of possible disruptions, with null and blank ballots making up 21.5% of the vote, indicating some lingering support for Morales.
In the aftermath, Paz and Quiroga will face off in the upcoming runoff, while several minor incidents were reported at polling stations, particularly in Morales' stronghold of Cochabamba. Both Paz and Quiroga promised significant reforms to tackle Bolivia’s economic crisis.
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