Election shocks stock market in Chile

Santiago’s stock exchange plunged almost 7% Monday on news that leftist candidate Gabriel Boric won the Chilean presidential elections, becoming the country’s youngest-ever president-elect.

The nation’s currency, the Chilean peso, also dropped more than 3% to 868 per US dollar.

The election was the Andean country’s most divisive in decades, with the two candidates offering starkly different visions of the future.

Read more

Demonstrators supporting the reform of the Chilean constitution celebrate while waiting for the referendum official results at Plaza Italia square in Santiago on October 25, 2020.
Chile’s referendum rejecting the Pinochet-era constitution shows that the world is entering a new, anti-neoliberal age

A 35-year-old former student protest leader, Boric has pledged to raise taxes, scrap private pensions, and oppose mines that “destroy” the environment as part of his campaign against far-rightist Jose Antonio Kast, a defender of former dictator Augusto Pinochet. Boric has previously pledged to overhaul the country’s market-oriented economic model, which drove decades of growth but also led to inequality.

Chile, which has been suffering the effects of the Covid-19 pandemic, was rocked by social upheaval that broke out in October 2019 as thousands of people took to the streets to demand greater equality.

After declining 5.8% in 2020 due to pandemic-imposed lockdown measures, Chile’s economy rebounded to end 2021 with projected growth of about 11.5%.

For more stories on economy & finance visit RT’s business section

Previous post Elite gathering of billionaires canceled over Omicron
Next post Here’s how oil could hit $380 per barrel in 2050
Close
Translate »