Leftist Gabriel Boric was elected president of Chile on Sunday, vowing higher taxes, greener industries and greater equality, after tapping into discontent over an investor-friendly economy that has left many behind.
With almost all votes counted, the former student protest leader won 56% of the vote, above conservative rival Jose Antonio Kast’s 44%, electoral body Servel reported. Kast conceded in a speech to followers saying Boric had won fair and square. The victory, by a larger margin than forecast, is likely to spook markets that fear interventionist policies. Boric, 35, will take office in March as one of the youngest presidents in the world and an ambitious agenda.
His win in the country’s second round paves the way not only for a generational shift but also for the biggest economic changes in decades for one of Latin America’s richest countries, a global financial market favorite. He came out on top after a highly polarized campaign that only moderated in the final stretch as both contenders wooed centrists. He will face enormous challenges including a divided congress, plunging economic growth, the writing of a new constitution and the lingering threat of social unrest.